Crude Oil Price Forecast – crude oil markets get hit hard on Wednesday

WTI Crude Oil

The WTI Crude Oil market fell hard during the trading session on Wednesday, reaching down towards the vital $70 level as the inventory number was an addition of 6.5 million barrels in America. That is much higher than the expected 1 million barrels, and of course a very bearish for crude oil. At this point though, we do have a lot of structural support here so it’ll be interesting to see whether or not it can hold. If the $70 region can hold as support, then I think we will probably continue to bounce. Keep in mind that the Iranian sanctions are in effect now, so there is a bit of bullish pressure there and the question is whether or not demand will pick up. I think the next 24 hours will be crucial and I would be on the sideways looking for a daily candle for the trade.

Brent

Brent markets also fell hard during the trading session, crashing through the $80 level, and testing the $79 level as we have seen support before. I think at this point, if we break down below the $79 level, we would continue to go even lower. Otherwise, I believe that the market is trying to find support in this area, but it’ll be interesting to see how we close over the next 24 hours. If we can break above the $80 handle, and stay above there for a daily close, then I think the buyers will continue to push to the upside. Otherwise, if we break down below the $79 level, the market will unwind a bit further.

Crude Oil Price Forecast Video 18.10.18

This article was originally posted on FX Empire

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