Crude oil grinds sideways during choppy Thursday session

neft1Crude oil markets went back and forth during the trading session on Thursday, as we continue to grind in general. I believe that the market should continue to be noisy but supported just below.

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, dancing around the $68 level. This is an area that has offered a bit of support, and I think we are looking to go higher at this point. I think that the $67 level underneath should offer plenty of support, and even though it’s been very quiet on Thursday, it’s likely that the overall uptrend should continue. I believe that the $70 level above is a bit of a target, as it is a large, round, psychologically significant figure. Oil markets are very technically driven, so it makes sense that we would go to that level. I believe that selling is all but impossible at this point.

Brent

Brent markets went back and forth during the day with a slightly upward bias. We look likely to break above the $75 level, which would free the market to go much higher, perhaps the $77.50 level. I believe that the market continues to offer value every time it dips, and it looks likely that the $73 level is trying to form a floor in the market. I believe that the overall attitude of this market continues to be bullish, perhaps due to geopolitical tensions in the Middle East. Regardless of the issue, most of the pundits that I speak to our bullish of this market, so I think that short-term pullbacks continue to offer value that traders will take advantage of. In fact, there is an uptrend line that is found somewhere near the $68 level that would need to be broken for me to start selling again.

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