Speculators pursuing WTI Crude Oil last week certainly got help via optimistic talk about the potential of a resolution being achieved regarding the Iranian war.
Prices in WTI Crude Oil went lower from the start of last week, then saw a reversal higher Tuesday, but a return to selling as the week concluded. Prices across different platforms tend to vary a bit regarding futures but a mark of $86.600 is a close proximity on many. Cash WTI Crude Oil does remain higher it appears and slightly above $90.00.
The energy sector and particularly WTI Crude Oil continue to be effected by rhetoric coming from the U.S White House in a massive way. At the moment President Trump has remained optimistic via his public statements, but also continues to warn that if Iran doesn’t agree to certain terms he can change his mind and have the U.S military escalate in the Middle East.
Top Regulated Brokers
Cautious Optimism and Lower Prices
As the week begins, WTI Crude Oil is once again near prices seen in the third week of April. WTI Crude Oil does remain elevated and until the Hormuz Strait saga ends it is highly unlikely that there will be a spike downwards in the price of oil. Yet, incrementally the trend in WTI Crude Oil has found a way to create lower price action. Day traders need to practice cautious attitudes if they choose to pursue the energy sector.
News from the White House the past twenty-four hours has been relatively calm. The fact that no decision was announced on the negotiations between the U.S and Iran on Friday caught some people by surprise, but WTI Crude Oil remained rather politely priced. Tomorrow’s opening will be determined by the sounds coming from the U.S White House in the coming hours. Yes, behavioral sentiment at this point is a chief catalyst in the commodity.
Near-Term Possibilities Remain a Large Variety
Speculators in WTI Crude Oil understand they are participating in a marketplace that is dynamic. The shifts of sentiment being stirred by news flow is having a large effect on the commodity.
The possibilities for a variety of outcomes regarding the Iranian situation are large.
Therefore, it should be no surprise that WTI Crude Oil actually remains in elevated territory and that one loud violent aggression in the Middle East could spur a fast amount of buying.
However, optimism continues to be seen and human nature wants to believe in good outcomes, thus there is a possibility WTI Crude Oil can go lower even if there is no formal agreement quite yet between the U.S and Iran.
WTI Crude Oil Weekly Outlook:
Speculative price range for WTI Crude Oil is 78.000 to 93.000
The past few months have seen a large dose of early volatility in WTI Crude Oil in early Monday trading, tomorrow will be no different. Solid risk management is essential for day traders of WTI Crude Oil and it is recommended that they remain away from trading on Monday’s opening unless they have deep pockets. The best bet for retail speculators likely remains trying to ride momentum waves as they develop, this while monitoring news about the Iranian situation.
WTI Crude Oil continues to look expensive per its long-term charts, but obviously current events are ruling the marketplace. Cautious attitudes may prevail near support levels in the commodity this week, but if sparks of a potential deal keep being heard, there is a chance some folks may lean into more selling. Again, the Hormuz Strait and its operations as a sea highway for WTI Crude Oil transport remains the key in many instances.
Ready to trade our weekly forecast? Here are the best Oil trading brokers to choose from.