Crude oil continues to show strength on Tuesday

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the trading session on Tuesday, making a fresh, new high again, but ever so slowly as we have been rather volatile during the day. I think that the market will probably continue to find value hunters coming into this market on short-term pullbacks. Overall, I believe that this market sees plenty of interest going forward, as there are tensions in the Middle East, especially with the whole situation with the Iranian nuclear deal, and of course a whole host of other issues. Currently, I look at the $71.50 level as major support.

Brent

Brent markets also went higher during the day, testing the highs again at the $80.50 level. The market looks likely to continue to try to break to the upside, but we may get a short-term pullback to pick up a bit of value. I think pullbacks will be looked at as opportunities by most traders, and we should continue to see this market test this high again and again. I think that the $80 level will be slightly supportive, but there’s probably even more support near the $79 level. The overall attitude this market continues to go higher, as we have a lot of concerns when it comes to Iranian oil, even though the US dollar has been working against the value of most commodities in general.

Oil Forecast Video 23.05.18