U.S. Markets closed

Crude Oil Price Forecast – Crude Oil Markets Approaching Top

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market rallied slightly during the trading session on Thursday in anticipation of the OPEC meeting results. At this point, there are a couple of different possible outcomes, but if OPEC simply keep things as they are, it’s likely that we are close to the top of the most recent leg higher. This would jive very well with the technical analysis as we also are facing resistance in the form of the $60 level and the top of the uptrend and channel. Ultimately, that makes the most sense. However, if we were to break above the $60 level, could open up the door to the $62.50 level next.

Crude Oil Forecast Video 06.12.19

Brent

Brent markets rallied a bit during the trading session on Thursday as well but are struggling around the 200 day EMA. Beyond that, the $65 level above is massive resistance which is the top of the overall consolidation. At this point, there is probably much more risk to the downside than up, but keep in mind that the markets will continue to be reactive the news, especially with the OPEC meeting in Vienna. It has been a bit of a strange affair as of late, as there is no major press conference at the end of the day. It makes you wonder what exactly is going on behind closed doors. The Saudi Arabia oil minister has already suggested that he would flood the market if the other members don’t abide by any production rate quotas. At this point, it’s very likely oil is to drop from here.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

More From FXEMPIRE: