Home / Crude Oil Price Forecast – Crude oil markets continue to drift lower

Crude Oil Price Forecast – Crude oil markets continue to drift lower



WTI crude oil

The WTI crude oil market broke below the $ 55 level during Monday's trading session in a relatively weak negotiation. However, at this point, it is a simple continuation of the negative pressure we have seen for so long, so it makes perfect sense that we continue to see this market drift. I believe that crude oil will continue to be hit mainly because there is a serious lack of demand. World economies are slowing down and, therefore, it makes sense that the demand for crude oil falls and, therefore, prices as well.

Brent

As you can see in the graph, I have formed a symmetrical triangle that we have now divided downwards. This is another reason to think that crude oil markets may fall, considering that the mbadive triangle has been so obvious. At this point, I think it is only a matter of time before we continue to fulfill that destiny. The $ 55 level below would be a good goal, and if we can break down there, I think we could go much further. All things being equal, I think it is only a matter of time before trying that area, since it is such a large, round and psychologically significant figure and, of course, it is an area that will attract a lot of attention. I think at this point it is obvious that markets simply cannot resist.


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