Crude Oil Long Term Forecast and Technical Analysis for May 03, 2024, by Chris Lewis for FX Empire

Crude Oil Long Term Forecast and Technical Analysis for May 03, 2024, by Chris Lewis for FX Empire

crude oil markets plunge for the week this is Chris from FX Empire taking a look at the crude oil markets on the weekly time frame the west Texas intermediate crude oil Market has plunged for the week but quite frankly at this point in time I think continues to see a lot of support underneath a lot of questions now being asked about whether or not there is going to be a geopolitical risk premium attached to this Market I think it’s a huge mistake to take that out and all it would take is one errant headline to send this Market straight back up in the air typ typically this time of year we do see a bit of a demand increase for crude oil due to driving and flying and now the questions around jobs come into the fry as Friday we saw the US print much less than anticipated so the question will be whether or not demand will pick up or fall if the Federal Reserve Cuts rates typically that means oil goes higher over the longer term and although I don’t call for that I recognize that if we could reach the $80 level and recover that to the mside we could see buyers come back in Brent markets look very much the same with the $84.50 level being a significant barrier that if we can overcome I think a lot of Traders will get involved and try to run Brent to the $90 level I have no interest in shorting oil although it doesn’t look as bullish as it want did I think this is a situation where if oil starts to fall apart you’re probably going to have better short trades against other things because if oil falls apart that means the economic conditions are probably falling apart as well that being said I expect a little bit of a recovery but whether or not we break out to the upside remains to be seen if you like the video Thumbs Up And subscribe [Music]

The oil markets have fallen a bit during the trading week, as we are now looking for some kind of reason to get long again. Remember, there are a multitude of noisy reasons to be in this market at the moment.

For the full article:
https://www.fxempire.com/forecasts/article/crude-weekly-price-forecast-crude-falls-hard-to-test-support-1428096/

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