Crude Oil markets dip on Friday, but find sellers later in the day

WTI Crude Oil

The WTI Crude Oil market went sideways initially during the day on Friday, hanging about the $60 level. We dropped below there, but then turned around to show signs of life again. By doing so, it looks as if we are going to form a bit of a hammer, at least for the day and that’s a good sign. We have continued to see a lot of noise in general, and I think that the market will probably continue to be difficult. However, there is most certainly an upward proclivity, as there are a lot of concerns around the Middle East, and that of course meets higher oil pricing.

Brent

Brent markets went sideways as well, pulled back a bit, and then found enough support near the $73 level to turn around and show signs of strength. By doing so, it looks like we are going to continue to go to the upside, perhaps reaching towards the $75 level. I think that the market will probably break above there as well, perhaps reaching towards the $80 level as we have seen so much in the way of bullish pressure. I think the $70 level underneath will continue to be a bit of a “floor”, and of course the uptrend line underneath there will be as well. I don’t want to sell this market, I look at pullbacks as value.

Crude Oil Inventories Video 23.04.18