Crude Oil Price Forecast – Oil Markets Continue to Pull Back

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Tuesday as we continue to see a lot of negativity in this market. At this point, we have a huge battle going on, trying to figure out whether or not we are going to focus on the idea of a global slowdown, which obviously is very bearish for crude oil, or the fact that OPEC has decided to cut production by 2 million barrels a day. I think we continue to see a lot of noise at this point, and therefore we need to keep this in the back of your mind as far as what could happen. Position sizing is going to be the most important thing, but right now it looks like the sellers are starting to take over again.

Brent Crude Oil Technical Analysis

Brent markets look very much the same, as it now appears that we are going to threaten $80 level. With that in mind, it’s likely that the $80 level will be an area where buyers come back in and try to pick up the pace, but clearly the 2 million barrel cut by OPEC has not done much to help the market, and now the questions as to whether or not we are focusing on the economy or supply continue to give traders headaches. At this point, it would not be overly surprising to see this market test the lows again, but the $80 level almost certainly cause some type of short-term bounce. With that in mind, I think the 50-Day EMA above is your short-term ceiling in this volatile market.

Crude Oil Prices Forecast Video for 19.10.22

For a look at all of today’s economic events, check out our economic calendar.