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Crude Oil Markets Continue to Chop
By: Christopher Lewis | July 28, 2021

• Crude oil markets have gone back and forth during the course of the trading session on Wednesday, as we continue to meander just above support.

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Wednesday, as we are sitting above the 50 day EMA and perhaps even more importantly the $70 level. The $70 level is of course attached to the 50 day EMA as well. Ultimately, the market will have to make its decision, and it certainly looks as if we are trying to build the momentum to the upside as of lately.

If we can break above the top of the candlestick for the trading session on Wednesday, that might be reason enough to send this market towards the $75 level. The $75 level course is a large, round, psychologically significant figure, and of course an area where we had previously seen selling.

Brent

Brent markets have also been relatively quiet during the trading session, but at this point in time we are also sitting just above the 50 day EMA over here as well, which of course is rather bullish. The market breaking above the Monday session could also send this market higher, just as it would in the WTI market. However, it should also be noted that the demand picture is a bit foggy at the moment, so it will be interesting to see how this plays out. The market has been noisy to say the least, as there have been concerns about the Delta variant closing down various economies, and of course some of the PMI numbers around the world have struggled. On the other hand, it does look like there is going to be plenty of possible inflation issues as well.

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