Crude Oil Price Forecast – Crude Oil Markets Continue Consolidation

WTI Crude Oil

The West Texas Intermediate Crude Oil market has risen a bit during the trading session on Tuesday, as we continue to see buyers on short-term dips. The problem of course is the fact that the oil market simply has no catalyst to go anywhere right now, or at least not an overriding catalyst. After all, the falling US dollar has been pushing crude oil higher, and of course the OPEC production cuts have. However, it is interesting to note that the hurricane that has just slammed through the Gulf of Mexico has done almost no production damage. Alternately, it is worth noting that the demand for crude oil does not seem to be picking up. In other words, we have nowhere to be and at this point it is simply a matter of going back and forth on short-term charts. I do favor the upside in general though, as we have been slightly “tilted to the upside.”

Brent

Brent markets are doing the same thing, slicing back and forth between the 200 day EMA. A break above the candlestick from the Monday session would be a very bullish sign and could open up another leg higher, perhaps reaching towards the $50 level. Having said that, I still like the idea of buying short-term pullbacks, and trying to pick up value in little bits and pieces. All things in general point towards higher prices eventually, but that does not necessarily mean that is going to get there very quickly. Keeping small positions on will probably be the best way going forward, as the choppiness looks likely to continue. #CrudeOil#

Reprinted from Fxempire，the copyright all reserved by the original author.