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Crude Oil Price Forecast – Crude Oil Markets Get Hammered on Friday

·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially tried to rally on Friday but gave back gains as traders are starting to worry about Austria locking down its borders, but perhaps more importantly, Germany likely to do some of the same. If we are going to continue to worry about lockdowns globally, it really put a dent into the idea of demand. That being said, there is also the concern of the Strategic Petroleum Reserve being released, so it has put downward pressure on oil to begin with.

Regardless, there is still a lot of demand out there and once the narrative clears way, it is very likely that we will see some type of recovery. I would like to see the 50 day EMA broken to the upside to start buying though, so at this point I am simply on the sidelines.

Crude Oil Video 22.11.21

Brent

Brent markets of course do not look any better, as the same demands are a concern. That being said, the market does look as if it is trying to hang on to the $78.50 region, and we should see buyers sooner rather than later. The selloff is probably more narrative driven than anything else, so I am not overly concerned about this market quite yet. Regardless, I would not jump into the market with both feet, because you need to see some type of stability and perhaps even more importantly confirmation. We do not have that quite yet, so it is worth noting that up a little bit of patience would probably go a long way to make a profit on what should be a continuation of the uptrend.

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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