Crude Oil Price Forecast – crude oil volatile for Friday session

WTI Crude Oil

The WTI Crude Oil market initially dipped early during the day on Friday, but then shot straight up in the air to reach towards the $70 handle. That’s an area that should continue to be resistance, at least on the short-term charts. The weekly charts have formed a couple of shooting stars, and that of course is a very negative sign. I think that a lot of this comes down to fears about extended trade tariffs against the Chinese, which President Trump had tweeted about during the day. Overall, I think that the market may need to pull back a bit to find buyers. I would anticipate a lot of back-and-forth action to say the least though. I think a lot of uncertainty is out there.

Brent

Brent markets also rallied and tried to reach above the $79 level, but that’s an area that has caused the lot of noise lately. It was previous support they got broke down during the Thursday session, and now it is starting to show itself as resistance. I think that we will continue to bang around between one dollar levels, as the market tries to figure out what’s going to happen next, especially with the Chinese/American trade sanctions situation. I think at this point, they are concerned about whether the demand will be there is the global economy slows down, but quite frankly supply is relatively tight so that has offered a bit of buying. This has become a short-term traders market, focusing on the $1.00 level intervals going forward.

Crude Oil Inventories Video 17.09.18