Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Sideways
WTI Crude Oil
The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Friday, as we continue to see a lot of volatility in this market. However, we do not see traction, and that something that keeps this basically the purview of scalpers more than anything else. Given enough time, it is very likely that we will see some type of explosive move, but right now it simply is not happening. I believe at this point in time the US dollar has a lot to do with why this market is going higher, but at the same time it looks as if the production cuts are also helping. However, and this is a huge problem, there is a serious lack of demand. With that being the case, we continue to go sideways without any real momentum. Do not worry though, that momentum will appear and eventually the trade will become much clearer.
Crude Oil Video 10.08.20
Brent
Brent markets have pulled back a bit during the trading session on Friday, as the US dollar strengthened a bit. Quite frankly, this is a market that is going to continue to bounce around between the 50 day EMA on the bottom and the 200 day EMA on the top. I think at this point in time the market has nowhere to be over here as well, but eventually we will get some type of impulsive candlestick that we can trade upon. Until then, short-term trading and going back and forth is more than likely going to be the best way to play the Brent market as well.
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This article was originally posted on FX Empire
