Crude Oil Price Forecast – Oil Quiet on Juneteenth

Crude Oil Prices Forecast Video for 20.06.23

WTI Crude Oil (US) Technical Analysis

During Monday’s trading session, the WTI market demonstrated back-and-forth movements, nearing the upper boundary of its short-term range. A notable hurdle lies ahead with the 50-Day Exponential Moving Average at around $72.50, posing significant resistance. Breaching this level could potentially lead to an upward push towards the $75 threshold. However, limited liquidity due to Juneteenth in the United States has impacted market conditions.

Support lies beneath at the $67.50 level, serving as both the lower boundary of the current range and the overall market floor. Despite a few days of mildly positive performance, momentum appears to be waning, reflecting prevailing concerns about global oil demand. The ongoing production cuts by OPEC further contribute to the market’s turbulence. As such, a range-bound system seems appropriate for navigating the WTI market.

Brent Crude Oil (UK) Technical Analysis

The Brent Crude Oil market also experienced oscillations during Monday’s trading session, approaching the 50-Day EMA. Similar to WTI, Brent faces volatility due to uncertain global demand and tightened global supply. These factors are expected to persist going forward, although we may see more clarity in this market as the year progresses.

Around the $77 mark, the declining 50-Day EMA poses substantial resistance, followed by a significant barrier at $80. On the downside, the $71.50 level provides essential support, contributing to the market’s turbulent behavior. Given the various factors at play, volatility will persist, characterizing the Brent crude oil landscape.

In the end, the WTI and Brent crude oil markets are currently undergoing a consolidation phase, marked by uncertainty and volatility. Resistance levels loom overhead, while support levels remain intact. Volatility is anticipated due to global demand concerns and OPEC’s production cuts. Navigating these markets successfully requires a range-bound approach for the time being. However, once we see the markets make a large candle, this could change how things play out over time, allowing us to benefit from a bigger trend.

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