Crude Oil Price Forecast – Crude Oil Markets Slightly Positive

Christopher Lewis
·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday, but it does look positive in general. The $60 level is an obvious area of interest for traders, so therefore I think we are looking at a scenario where people are going to be very cautious. Having said that, we are also sitting on top of the 50 day EMA and we are simply “killing time” while trying to figure out what the next move is. This has been the case for several weeks now, and it seems like it is getting worse. That being said, market can only sit still for so long so one would have to believe there is a certain amount of inertia being built.

Crude Oil Video 13.04.21

Brent

Brent markets were very much the same during the trading session as you would anticipate, with crude oil demand being a huge question as there are going to be more moves to increase production, but at the same time there are questions as to whether or not demand is going to come back as quickly as once thought. After all, the European Union looks like it is trying to lock itself back down again, which will do no favors for the idea of crude oil rallying. That being said, it is most certainly worth paying close attention to because quite frankly this is a market that I think continues to be very choppy and sideways but just as we see in the WTI market, it is only a matter of time before inertia takes over and we should have a bigger move.

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

This article was originally posted on FX Empire

More From FXEMPIRE: