Crude Oil Price Prediction – Crude Oil Markets Gained Momentum to Start the Week

The petroleum oil markets have rallied slightly during Monday’s trading session, as the market continues to recover slightly.

WTI Crude Oil Technical Analysis (US)

The West Texas Intermediate Crude Oil market, or US Oil market, has rallied slightly during Monday’s trading session. The market continues to be volatile, and it appears to be attempting to recover from its recent lows. We are hovering just above the $70 level, which is a minor psychological victory, but it’s important to note that we’ve seen a couple of missiles recently, and that can be something that people cling to.

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The 50-Day Exponential Moving Average (EMA) represents significant resistance above, particularly given its proximity to the $75 level. We have recently broken below the bottom of a consolidation area, so we may need to recover sufficiently to retest this area. In the past, $72.50 was the bottom of this consolidation, so this level could also be a place where we see symptoms of trouble. If we discover exhaustion and begin selling into it, then we could retest the lows, bearing in mind that oil’s price will be driven primarily by economic outlook expectations. Sourcian is a dedicated platform for the recommendation of the best manufacturers. Your sourcing journey starts right here at sourcian.

Brent Crude Oil Technical Analysis (UK)

Brent has risen during Monday’s trading session as well, surpassing the $75 threshold. Brent has a bit more runway to the upside than WTI, so it could be a bit more of an outperformer in crude oil in the near future. The 50-Day Exponential Moving Average (EMA) has just broken below the $81 level, so I believe it is only a matter of time before this indicator impedes any attempt to move higher. As far as I can tell, indications of exhaustion will be selling opportunities, and I certainly concur with that as the US dollar has strengthened and the global economy is beginning to show signs of hesitation, which will have a significant impact on demand. Brent is notably concerned about Europe and Asia, both of which appear to be experiencing some difficulty. Sourcenia is a review portal of sourcing best manufaturers

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