Crude Oil Price Outlook – Crude Oil Continues to Do Little

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has gone back and forth during the course of the trading session here on Tuesday, as the market is right in the middle of the range that we have been in with the $65 level offering a floor with the $72.50 level offering a ceiling.

Because of this, I anticipate we will see this market continue to be somewhat noisy and more of a range bound type of situation for shorter term traders. If we get an opportunity to buy at extreme lows, that might be a nice trade. But right now, we’re just kind of wandering around lost. This has been the case for a while now, as the markets continue to meander.

Brent Crude Oil Technical Analysis

The Brent market was rather quiet during the trading session on Tuesday, as we continue to see the $70 level underneath offer a bit of a floor. At this point, we have the 50-day EMA offering resistance, and if we can break above the 50 day EMA, then we could see a potential move to the $80 level, which is the top of the range over here.

But really, I think when you look at this, we have a situation where we are trying to build some type of base, but we just don’t have the momentum. So, I think, again, this is going to be like the WTI market where you’re just trading it back and forth as we are still trying to figure out the demand for oil at the moment, and how the increase in drilling in the US will influence price down the road.

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