Crude Oil Price Outlook – Crude Oil Awaits Jobs And Inventory

WTI Crude Oil Technical Analysis

The light sweet crude market has rallied ever so slightly during the early part of the Thursday session, but quite frankly, this is a market that is looking for some type of stability. We do have inventory numbers later, so that’ll be interesting to watch. And if we can break back above the $72.50 level, that might be the sign that we are ready to rally. Underneath, we have a massive block of trading that has basically marked the bottom of the two and a half to three year range that we’ve been in. So, I think we are closer to a bounce than not.

Brent Crude Oil Technical Analysis

Brent markets look very much the same. The 50-day EMA sits at $76.14. If we can break above that level, then it’s likely that the market will continue to go higher. For what it is worth, Brent markets have to deal with a lot of geopolitical issues that right now could cause some headaches, but really at the end of the day, these two markets will move in the same direction.

A lot of this comes down to the idea of economic output picking up or dropping. And with central banks around the world ready to cut rates, one would think that sooner or later oil will take off. However, this has been a pretty brutal pullback. So now the question is, will this longer-term support area hold that is just below current trading? If it does, then this might be a nice trade that you can take to the upside. I certainly wouldn’t sell here, but we’ll have to see some type of lively upward action to get involved with.

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