This is a strong correction, but I think we only have a couple of weeks. The Brent market was absolutely hammered, so it looks very likely that we will continue to see a bit of weakness. I anticipate that there should be support closer to the 77 level, so I think at this point its likely that we see a bit more negativity going forward. Energy Information Administration reported.3 million barrel. Thats a good sign, and it shows that we could see a lot of volatility going forward. Brent, brent markets also fell during the trading session, reaching towards the 84 level, an area that makes sense for support. Commodities Daily Forecast November 16, 2018. At this point, I think that the Iranian sanctions continue to be a major issue, and I also believe that the lack of global demand could be a major issue as well. This is an area that should attract a lot of attention, so ultimately I believe that this market is going to continue fighting back and forth. We bounced significantly from there to reenter the consolidation area again, so I think this shows just how much resiliency there is in this market. I believe there is massive support at the 70 level though, so I think thats about as far as.
West Texas Intermediate crude oil futures are inching higher on Friday on speculation opec and other non-opec countries are planning to start withholding supply soon. The crude oil markets spent most of the day on Wednesday going sideways, but then broke towards the underlying support level. WTI Crude Oil, the WTI Crude Oil market initially tried to rally during the week but as you can see broke apart and felt towards the 70 level. Putting a lid on prices, however, are concerns over rising.S. GoldThe gold prices have slightly rallied higher during the Thursdays session as the 1200 level underneath offering strong support to the market. Ultimately, I believe that the market will continue to find reasons to go higher, especially if the Euro can pick up a bit of momentum, driving the value of the US dollar lower.