Crude Oil Price Forecast – crude oil markets rolling over late on Friday

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the session here on Friday but have given back quite a bit of the gains, and it looks as if it is struggling to hang onto the gains from the session. The fact that we struggle is in a huge surprise though, as there are so many headlight risks out there and the weekend is dangerous to be long or short of the market. If we can break above the $60 handle, then I think the market could go higher, perhaps reaching towards the $65 level. Otherwise, if we break down below the $55 level, the market could go even lower, perhaps reaching towards the $50 handle.

Crude Oil Inventories Video 19.11.18

Brent

Brent markets also gave back quite a bit of the gains, and it looks likely that we will eventually roll over back towards the $65 level. Otherwise, if we can break above the top of the candle for the Friday session, then we could reach towards the $70 level. The previous uptrend line sits just above there as well, so I think there is a lot of resistance. I believe in feeding short-term rallies, and that looks very likely to happen based upon what I’m seeing right now. However, if we break above the $72.50 level, then we should continue to go much higher. Overall, oil continues to be hammered but we are a bit oversold so don’t expect major collapses.