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Crude Oil Price Forecast – Crude Oil Markets Continue Lackluster Performance

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the session on Monday, as it seems like we have nowhere to be. The $71.50 level continues to be a bit of a magnet for price, as it seems like we cannot get too far away from it. That being said, a lot of this could come down to the idea that the markets are taking a bit of a break before the holidays. The holidays of course will be a very illiquid time, and therefore we may not see much in the way of movement. For what it is worth, the OVX has been elevated, showing that there is more volatility than usual, typically a negative sign. Nonetheless, the 200 day EMA sits underneath that could offer a significant amount of support, right along with the $70 level.

Crude Oil Video 14.12.21

Brent

Brent markets continue to pay close attention to the $75 level, an area that of course attract a certain amount of attention due to the fact that it is a large, round, psychologically significant figure. The 200 day EMA currently sits just underneath the $72 level, so therefore it makes a certain amount of sense that the $72 will be difficult to break down through. Nonetheless, the market certainly looks as if it is more bearish than bullish of the moment, but if we can break above the $76.50 level, we could see a bigger move. I think part of what we are seeing is the simple fact that we are heading towards the end of the year so that it needs to be in the back of your mind as well.

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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