Price Prediction for Crude Oil – Crude Oil Continues to Fall

Crude oil prices have suffered again on Thursday, as concerns regarding demand continue to cause severe challenges for this sector.

Analysis of WTI Crude Oil Technicals

The West Texas Intermediate Crude Oil market has declined slightly during Thursday’s trading session, as erratic behavior persists. At this time, the market is expected to continue to exhibit a great deal of erratic behavior, but demand-related worries will likely continue to dominate. Because of this, I believe it will be only a matter of time before the market continues to decline. However, there is a substantial support region just beneath, so a rebound is not entirely improbable. The 50-Day Exponential Moving Average provides substantial short-term resistance, and the $92.50 level provides longer-term resistance.

Analysis of Brent Crude Oil Technical Data

Brent has also declined and has a significantly more evident support level at $90. If we are able to break below the $90 barrier, there is a chance that we might reach the $82.50 level. Certainly, a short-term rebound is possible, but I believe you should keep in mind that this is a situation in which the market will continue to be plagued by concerns about demand.

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Ultimately, a decline in demand is the worst thing that can occur in the markets, therefore it tends to take precedence. With this, I believe rallies will likely continue to fade, but if we were to break out above $100, you would have to pay attention. However, at this time it will likely continue to be quite challenging to get there, let alone above there.

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