Crude Oil Price Forecast: What’s Driving the Current Rally?

Monday, 26 August 2024, 07:08

Crude oil price forecast reveals a rally as WTI crude surpasses $76.50 amid production concerns and geopolitical tensions. Traders eye $78.50 as a new target. Amidst supply disruptions from Libya and Middle East uncertainties, oil remains a strategic buy. The market dynamics suggest pulling back could be an opportunity to capitalize.
FX Empire
Crude Oil Price Forecast: What’s Driving the Current Rally?

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has broken above the $76.50 level, with prospects of reaching $78.50. Supply issues from Libya have charged the market, paralleled by regional tensions that raise concerns for future stability.

Market Sentiment and Dynamics

With the understanding that this market will remain noisy, a buy on the dip strategy prevails. Support at $75 is anticipated to hold strong as the market seeks to build momentum and potentially break through a consolidation barrier.

Brent Crude Oil Technical Analysis

Brent markets mirror this sentiment, with resistance at $81.50 being closely approached. A break here could propel prices toward $87.50, based on historical moves. Every pullback served as a buying opportunity, reflecting long-term support levels that suggest oil prices had dipped too low.

Looking Forward

Traders should watch for economic announcements that could impact oil prices and strategy adjustments.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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