Crude Oil Price Outlook – Crude Oil Continues to Look for Upward Pressures

WTI Crude Oil Technical Analysis

The crude oil markets initially fell during what will end up being a shortened session on Thursday due to the National Day of Mourning in America for former president Jimmy Carter. The West Texas Intermediate Crude Oil Market initially pulled back towards the $72.50 level, only to turn around and rally a bit.

At this point, I think we’ve got a situation where we are hanging around the 200-day EMA, which of course is an indicator that a lot of people will use to determine the trend. West Texas Intermediate Crude Oil has recently broken out of a consolidation area, and I do think that we are getting to the point where it’s only a matter of time before momentum picks up even further and Crude Oil continues to rally. I am bullish.

Brent Crude Oil Technical Analysis

The Brent market looks very much the same, using $76 as support, and we of course are struggling with the 200-day EMA as well. If we can break above the $78 level, then it’s likely that the market is looking to the $80 level. Keep in mind that this is a market that is a little less American-centric, but it should follow right along with the West Texas Intermediate Crude Oil Market as well.

The markets will continue to focus on Friday, which of course, has the jobs number coming out and that could cause a bit of volatility but quite frankly if we do pull back, I think that will end up being a nice buying opportunity in both grades of crude oil as the early part of 2025 should see more demand for crude oil being a big deal.

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