Crude Oil Price Forecast – crude oil markets flat on Thursday
WTI Crude Oil
The WTI Crude Oil market has done a lot of back and forth trading during the trading session on Thursday, as we await to see what the jobs number tells us. The $75 level above is psychologically important, so it makes sense that we could not break above there, at least not with any certainty. If we could break above the $75 level, the market could then go much higher, perhaps even reaching the $77.50 level above. Alternately, if we break down below the $73 level, we probably go down to the $70 level after that.
Brent
Brent markets went back and forth during the trading session as well, initially trying to rally, but then giving back significant amount of the gains. Overall though, this is a market that I think is simply waiting for the jobs number just like the WTI Crude Oil market will be, and at this point I think we are destined to go higher given enough time, but I also believe that the breaking below of $77 could signal that we need to go even further down to the $75 level. In the meantime, I look at the $80 level above as a massive barrier that will be difficult to overcome. If we do that, oil markets will take off to the upside significantly. One thing to think about though, oil has been extraordinarily strong even in the face of the strong US dollar, which of course is impressive.
Crude Oil Forecast Video 06.07.18
This article was originally posted on FX Empire
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