Crude oil forecast

Crude Oil Price Forecast 

The Crude oil market has been in the headlines, but both the WTI and the Brent markets are suffering significant stress. Although one went lower and one went higher, both are extraordinarily weak.

The Crude Oil market fell rather hard during the trading session on Monday and Tuesday as we continue to see a lot of weakness in this contract. After all, we are running out of places to store oil, so nobody wants to take delivery of it. In other words, there simply are no bids. Furthermore, after seeing what happened with the May contract, a lot of traders are going to be overly cautious about buying this contract in general. Demand is still very weak, and that is not going to change anytime soon. Oversupply and lack of demand brings gravity to the markets. I would not be surprised at all to see this one trade negative eventually. Rallies towards the $18 level are selling opportunities, the $10 level should be short-term support.

Live trade taken in the Live trading room on Tuesday April 28 2020:

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Hope this helps,

Alexander Soares


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