WTI Crude Oil Forecast: Looks Tired

On the other hand, oil certainly has a lot of resistance in the form of the 50-day EMA and the $90 level, with the 200J EMA above it. West Texas Intermediate crude is lower in trading on Thursday as more concerns about demand enter the market. Right now it seems that the oil market is starting to show how worried traders around the world are about global growth, because frankly, without global growth, one of the most important parts of the world’s oil situation is not. . , product demand. Advertisement Oil Prices Create Great Business Opportunities Yes, OPEC recently cut production by 2 million barrels a day, but going forward they also lowered their demand forecasts and if there is concern about the global economy, one of the first places to think it will go is the gold market. Although gross domestic product appears to be stagnating in much of the world, demand continues to decline. Also, inflation causes big problems, so when the economy goes down, fewer people want to buy things, which means less energy is needed to make those products. In a sign of potential problems, US logistics and supply chain management company CH Robinson has just started laying off people, which means there seems to be less demand for the „stuff”. („Leave” is the same as „stab” in the rest of the English-speaking world.) Noise is likely to top the market Oil, on the other hand, certainly has a lot of resistance before 50. – Daily EMA and $90 level with 200 J EMA above. Therefore, I think it is very likely that we will continue to see pressure for a rally. I also understand that the $80 level should also be supported, so if we break below that, it might hit the next leg lower. In this scenario, I can see the market falling to $75 pretty quickly. That said, I think you’re probably in a very noisy market, because frankly, we see it everywhere. Oil is the leading indicator of economic growth or loss and will continue to be on the desks of most traders around the world. A strengthening US dollar, which we saw come back into the picture on Thursday, could also cause problems.