U.S. markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.26 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.14 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0071 (-0.58%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • GBP/USD

    1.3583
    -0.0108 (-0.79%)
     
  • USD/JPY

    103.8000
    -0.0160 (-0.02%)
     
  • BTC-USD

    36,258.41
    +477.24 (+1.33%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.08 (-0.62%)
     

Crude Oil Price Forecast – Crude Oil Markets Quiet in Thin Trading

Christopher Lewis
·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done very little during the trading session on Monday as the market is very thin and obviously very few traders are involved. Quite frankly, a lot of this is probably position squaring heading into the end of the year, and of course there is a significant barrier just above in the form of the $50 level. The $50 level course is a large, round, psychologically significant figure, and as a result there will be a lot of attention paid to that level. The $44 level underneath should be supported, as it was the scene of a significant break out. I believe that pullbacks to that area will probably be bought into.

Crude Oil Video 29.12.20

Brent

Brent markets have gone back and forth during the course of the trading session on Monday, which of course would have been thin just as the WTI Crude Oil market has been. Currently, it looks as if the $50 level underneath is going to be support, just as the $53.25 level above offers resistance. All things being equal, this is a market that continues to see a lot of choppy back-and-forth behavior, so with that being the case I think short-term back-and-forth range bound trading is probably is going to be the way forward. I do believe that this is a point of inflection, so the real move may not be until after the New Year holiday but given enough time we will have to make a much more significant decision. Between now and then, I think short-term scalping probably using these levels as guardrails makes the most sense.

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: