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Crude Oil Price Outlook – Crude Oil Continues to See Choppy Trading
Published: Nov 8, 2024, 16:17 GMT+00:00
The crude oil market is slightly negative during the trading session on Friday, as the market continues to see a lot of questions asked about the overall supply and demand of this commodity.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market pulled back just a bit in the early hours of Friday as we continue to see a lot of volatility in this market. I think at this point, we are essentially looking at a market that is doing everything it can to be sideways, range bound kind of choppy trading.
With this, I think you have to look at it through the prism of a market that just really doesn’t have a whole lot to work with right now as far as momentum. So, if you are a range bound trader, this is probably a really good market for you. But if you’re looking for some type of bigger move, I don’t think you’re going to find it. Currently we’re in the middle of the range between $65 and $75 above.
Brent Crude Oil Technical Analysis
The Brent market looks very much the same as we continue to see a lot of back and forth here as well. And just like in the West Texas Intermediate market, I would point out that we’re basically right in the middle of the range and near the 50 day EMA. Both of these come into the picture to offer a little bit of interest, but ultimately, we are trading between $70 and $80, and I just don’t see much changing right now. With this, I think you have a situation where you’re waiting for oil to get a little bit cheap and then maybe buying it or waiting for it to get a little bit expensive then selling it. Right now, though, it’s just somewhat blah.
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About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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