Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher


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The crude oil markets continue to grind higher, as the technical move to fill the gap above still has not happened. The upside is probably somewhat limited.

Crude Oil Brent WTI

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially pulled back slightly during the trading session on Thursday, but then shot straight up in the air to reach towards the highs of the previous session. It looks as if we are trying to get back to the top of the gap, which means a move to the $41 level is very possible. Furthermore, the 200 day EMA is sitting just above the $41 level which will offer massive resistance. That being said, I believe that the market will probably continue to see a lot of volatility, but obviously we have not filled that gap and I think a lot of traders are looking at that in the short term. I think short-term pullbacks will continue to be buying opportunities.

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