WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be somewhat resilient again during the trading session on Monday after initially drifted a little bit lower, but quite frankly the range is almost nonexistent. In other words, this is a market that just has nowhere to be. If that is going to be the case, then I would expect more of the same back-and-forth choppy trading that we have seen for some time. With that being the case, I think that the trading in this market will simply be short-term back-and-forth.
Crude Oil Video 18.08.20
Brent markets have done much of the same, as we are sitting just below the crucial 200 day EMA and the $45 region. Ultimately, I think that the market eventually goes higher, but we need to clear the 200 day EMA on a daily close to get overly excited. At this point in time, the market will more than likely continue to do the same as we have seen for some time, and ultimately, I think that this is a pair that will break out, but we have a lot of crosswinds right now. The falling US dollar seems to be the best friend of crude oil traders, and therefore I think it is only a matter of time before we get some type of catalyst. The OPEC production cuts have been bullish, and of course the falling US dollar has been as well, but at the same time we have to worry about demand. That is the biggest problem here.