Crude Oil Price Forecasts – Crude Oil Markets Continue to Struggle


WTI crude oil

The West Texas mid-market crude oil market fell significantly during Monday’s trading session as traders start to worry about India’s slowdown. After all, we are starting to see signs of declining domestic demand, which of course is very negative for crude oil as India is the world’s third largest importer. That being said, the market has rebounded from the 50-day EMA, so it looks resilient at least, and it’s probably worth noting that OPEC hasn’t lowered its outlook for the year.

Crude Oil Video 04.27.21

Brent

Brent markets are doing much worse, but that shouldn’t be a huge surprise given that Brent is more likely to end up in India than in the United States. For this reason, we have slipped below the $ 65 level, but it should be noted that the 50-day EMA is found at the $ 63.59 level. With that in mind, it’s probably worth waiting for a support candlestick on the daily calendar before buying, and as far as selling goes, I would hesitate until we get a little lower from here. . At the end of the day, we’re still in an uptrend and that’s probably the most important thing to pay attention to.

At this point, the market is probably the one you want to move away from in the short term, perhaps looking for some type of clue on the next step. If we were to fall below the $ 60 level, that would be the end of the uptrend.

For an overview of all of today’s economic events, check out our economic calendar.


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