Crude Oil Price Technical Forecast


Crude oil continues to slide as yields spikes drive WTI and Brent prices lower. Read on as the 21 February Crude Oil Price Technical Forecast will show you what the current prices are.

21 February, GKFX –  Crude Oil is faltering, with WTI nearing 61.00/barrel and Brent back below 65.00/barrel, last seen trading near 64.60.

Energy Information Administration data

The slip in crude is being driven by the Dollar recovery on the back of rising bond yields, and the continued surge in US crude production, which recently broke records as American oil companies flood supply chains and produce more oil from US soil than at any other point in history.

The next Energy Information Administration data publication will come on Thursday, where median forecasts expect another million-barrel-plus increase in crude stockpiles. OPEC is still struggling to drawdown supply, but overall demand for crude is continuing to increase, offsetting much of the damage caused by US oversupply, but still not strong enough to mitigate all of the damages.

21 February Crude Oil Price Technical Forecast

Crude prices collapsed in early February and following a brief correction that brought WTI back up to 62.62 per barrel, looks set to resume the bearish trend. A continuation of the current selloff will see support at 60.89 and 59.75 for WTI, while Brent sees support stacked at 64.07 and 62.00. Resistance is lined up at 62.50 for WTI and 65.10 for Brent.

Disclaimer

This article 21 February Crude Oil Price Technical Forecast by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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