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    +0.11 (+0.17%)
     
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    +16.30 (+0.90%)
     
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Crude Oil Price Forecast – Crude Oil Markets Have Rough ride

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Christopher Lewis
·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Tuesday but give back the gains to crash into the $62 region. A lot of this was kicked off by the panic in the closing hours of the European stock market perhaps having algorithms jump all over the place. That being said, the market has recently broken out and this is a retest of a major breakout. This should in theory bring money back into the market to go higher, as the reopening trade is still the main focus of traders around the world. That being said, I do not think that it is going to be an easy trade to the upside.

Crude Oil Video 21.04.21

Brent oil

Brent markets also had a rough ride, initially taken off to the upside only to turn around a break down below the $66 level. The market has quite a bit of resistance just above, so as people are worried about coronavirus numbers picking up around the world, the reality is that the oversupply of crude oil that had been pushing markets down has now mainly been worked through it and now it is likely that we will see more attention paid to the fact that the markets are reopening, and we could very well break out to the upside further. Nonetheless, this is not a market that you can be a seller of right now, mainly due to the fact that the trend is still positive, and it certainly looks as if every time there is a significant dip, traders are willing to come in and pick up value.

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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