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Crude Oil Markets Continue to Find Buyers

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Tuesday, and as you can see, we are reaching towards the $80 level above. That being said, the market is more than likely going to continue to see buyers on short-term dips, and a breakout above the recent highs at the $80.27 level is imminent. If we can break above there, then the market is likely to go looking towards $85 level. Currently, I believe that any short-term pullback is more than likely going to end up being a buying opportunity that you can take advantage of, and I will do that very same thing.

Crude Oil Video 12.01.22

Brent

Brent markets have rallied to break above the $82 level, showing signs of life yet again. That being the case, I do believe that it is only a matter of time before we break the highs from Friday and continue to drift higher. The $85 level would be the first target, followed by the $87.50 level. Underneath, I see the $80 level as a potential support level that a lot of people will be paying close attention to due to the fact that there is a lot of psychology involved in it. Nonetheless, even if we were to break down below there, we have the 50 day EMA at the $78.04 level, which of course is curling higher as well, showing that we are seeing more momentum to the upside and I believe that will continue to be the case going forward. After all, if the economy is reopening and omicron is not going to be the major disaster that everyone feared, it makes sense that oil demand will continue to climb.

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

This article was originally posted on FX Empire

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