Crude Oil Price Forecast – Crude Oil Markets Continue Accumulation
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Wednesday, to test the bottom of the 200 day EMA. There is a lot of noise between here and the trend line underneath, and quite frankly one has to wonder whether or not the crude oil market is about to make a bigger move? The OPEC meeting is going on over the next two days and that will be the next catalyst more likely than not. If they choose not to increase production, that could send this market reeling back up towards the $75 level. I think the next 24 hours is going to be more or less about stabilizing than anything else.
Crude Oil Video 02.12.21
Brent
Brent markets rallied as well, as one would expect. This is a market that has been very noisy over the last couple of days, and we currently find ourselves just below the 200 day EMA. At this point, I think the market is very likely to continue seeing difficult trading over the next day or so, as we await the OPEC announcement. The world expects OPEC to increase production going into December, but with the recent selloff and pricing one has to wonder whether or not they will follow-through? If they choose not to, that would obviously be very bullish for crude oil, and could send this market straight up in the air. The $75 level would be resistance in the short term, just as the bottom of the candlestick from Tuesday should be support.
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This article was originally posted on FX Empire
