Crude Oil Price Forecast – Crude oil markets fairly benign on Friday again

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Friday, as we continue to bounce around at the trend line. The 50 day EMA of course is offering support as well, as it has all week. The 200 day EMA is just below the $60 level as well, so there are plenty of reasons to believe that the buyers should return all things being equal. However, with the US/China trade relations going on the way they are, it’s going to be very difficult to get a handle on things until we get an impulsive candle stick that tells us which direction we are going.

Crude Oil Inventories Video 13.05.19

Brent

Brent markets rallied a bit during the trading session on Friday but did give back quite a bit of the gains. By doing so, it shows that we are still essentially stuck in this area, and therefore it’s likely that we need some type of impulsive candle stick to get moving. If we can break out to the upside, we could go to the $75 level, which is significant resistance. On the other hand, if we break down below the vital trend line and perhaps even the $68 level, the market will unwind quite drastically, perhaps down to the $65 level. One thing I think you can count on is that we are going to have a lot of volatility, as we react to the potential strengthening or weakening of global trade, which is what is on the line between the Americans and the Chinese.

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