Crude Oil Price Outlook - Crude Oil Continues to See Sideways Action

By Christopher Lewis

Crude Oil Price Outlook - Crude Oil Continues to See Sideways Action

The West Texas Intermediate Crude Oil Market dropped a bit during the early hours on Friday, but you can see we're still very much stuck in the same range we had been in. So, it does make a certain amount of sense that we just hang around this area.

The time of year, of course, is going to be somewhat illiquid and therefore, I think you're going to see West Texas crude oil hang around this 50 day EMA for the next several sessions, unless, of course, something external happens, you know, some geopolitics out of the Middle East or something to that effect. Once we get into January, we're going to have to keep an eye on this $72.50 level, because I think a break above there kicks off the recovery for oil.

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