Yahoo Finance Crude oil markets break down significantly on Friday
WTI Crude Oil market
The WTI Crude Oil market broke down significantly during the trading session on Friday, slicing through the $70 level. That’s an area that was supportive in the past, and I think that we will continue to go lower, perhaps reaching down to the $67 level. I think that short-term rallies will continue to offer selling opportunities, but I also believe that the $67 level could bring in a lot of buying pressure based upon the longer-term charts. A strengthening US dollar should continue to put bearish pressure on the market.
Brent
Brent markets also broke down during the Friday session, slicing down through the $70 level. I think that the market continues to see a lot of bearish pressure in the short term, perhaps reaching down to the $75 level. I think if we break down below there, we will more than likely reach towards the $70 level which was previous resistance. Ultimately, this is an area that will attract a lot of attention, and I think that it is a market that continues to be very noisy, and of course the threat of an OPEC cut coming on wound is likely going to continue to cause a lot of issues. However, there are plenty of support at levels below the could come into play over the next several sessions.
Crude Oil Inventories Video 28.05.18
This article was originally posted on FX Empire
