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Crude Oil Price Forecast – Crude Oil Quiet Last Day of The Year

Christopher Lewis
·1 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done very little during the trading session on Thursday as we are now looking at the 2021 handle. All things being equal, the market is likely to continue trading in the same range that we have been in, with an eye on the $50 level above as significant resistance just as there is a significant amount of support underneath near the $44 level, but quite frankly the 50 day EMA at the $45 level probably offers an opportunity for support as well. We are closer to the top than the bottom, so I suspect that we could get a short-term pullback. That pullback should be a buying opportunity.

Crude Oil Video 04.01.21

Brent

Brent markets were quiet as well, as you would anticipate. The market is currently hanging around the $51.35 level, with the $50 level underneath offering support, and the $53.25 level offering resistance. All things being equal, this is a market that I think continues to drift sideways in the short term, but we will eventually make a bigger move. I do believe that there are still a lot of people out there looking to play the reflation trade, meaning that they are selling dollars and buying commodities. People are still banking on the idea of the reflation trade coming into play, so all things being equal it is likely that we will continue to see a lot of upward pressure, but I do not know how much further we have to go without some other type of catalyst.

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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