Crude Oil Price Forecast – Crude Oil Markets Continue to Wait on OPEC
WTI Crude Oil
The West Texas Intermediate Crude Oil market has pulled back just a bit near the $75 level, although it has been very noisy in general as reports came out that the United Arab Emirates and Saudi Arabia had come to some type of agreement on the UAE increasing its output. However, that has since been refuted and therefore markets fell again. At this point, we are basically where we left off, waiting to see whether or not OPEC+ can get its act together and decide on production cuts, or if the market will see the production schedule all apart, perhaps sending all members putting out whatever it is they want. At this point in time, I would be on the sidelines.
Crude Oil Video 15.07.21
Brent
Brent markets have initially fallen during the trading session, but then found the $75 level to be supportive enough to turn things around. With that being the case, the market looks as if it is going to try to continue to grind higher but at this juncture it is also very likely to be a market that is going to be noisy and held hostage by the latest rumor. If we do break down below the $75 level, there is also an uptrend line and the 50 day EMA that come into the picture, so I do think that this is more or less going to be a “buy on the dips” type of situation, at least until we break down below the $70 level which would be a catastrophic turn of events. Expect choppy behavior, but it is still going to be bullish overall.
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