Singapore markets closed
  • Straits Times Index

    3,004.87
    +4.87 (+0.16%)
     
  • Nikkei

    28,519.18
    -179.08 (-0.62%)
     
  • Hang Seng

    28,573.86
    +77.00 (+0.27%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • BTC-USD

    35,736.33
    -2,102.31 (-5.56%)
     
  • CMC Crypto 200

    684.66
    -50.48 (-6.87%)
     
  • S&P 500

    3,776.77
    -18.77 (-0.49%)
     
  • Dow

    30,883.86
    -107.66 (-0.35%)
     
  • Nasdaq

    13,055.82
    -56.81 (-0.43%)
     
  • Gold

    1,828.70
    -22.70 (-1.23%)
     
  • Crude Oil

    52.26
    -1.31 (-2.45%)
     
  • 10-Yr Bond

    1.0950
    -0.0340 (-3.01%)
     
  • FTSE Bursa Malaysia

    1,627.01
    -8.70 (-0.53%)
     
  • Jakarta Composite Index

    6,373.41
    -54.90 (-0.85%)
     
  • PSE Index

    7,238.46
    -34.69 (-0.48%)
     

Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Kill Time

Christopher Lewis
·2-min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied during the week, reaching towards the 50 week EMA. Having said that, the market is likely to find a little bit of resistance in the short term, but I do think it is only a matter of time before we have to make a bigger move. The market breaking above the highs of the week could be a very bullish sign and send the WTI market towards the $49 level where we had seen a lot of selling. On the other hand, if we do pull back from here, I think it is only a matter of time before buyers would jump in, perhaps near the $35 level.

WTI Oil Video 17.08.20

Brent

Brent markets also tried to rally during the week but gave back some of the gains. It formed the candlestick that was somewhat like a shooting star, right at the top of the gap the previously had formed. If we can break above the previous week, then it is likely that we could go looking towards the $50 level. To the downside, I believe that the $45 level should offer support, but quite frankly I do not think that this is a market that can be traded from a longer-term standpoint quite yet, as we are simply too tight at the moment. The falling US dollar and OPEC production cuts continue to boost oil markets in general, but lack of demand is a major problem. Adding to all of this is the fact that we are at the height of vacation season so there may be a lack of momentum.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: