Crude oil markets continue to chop around on Friday with negative attitude

WTI Crude Oil

The WTI Crude Oil market has been very choppy on Friday, going sideways and eventually drifting a little bit lower. The $70 level underneath is of course support, and I think that the market will continue to pay attention to that area for buyers. I think that the $72 level above is a resistance barrier that if we can break above a, the market goes to the $72.50 level, and eventually the $75 level after that. I believe that we continue to see buyers jumping into this market, and short-term pullbacks offer value the people are more than willing to take advantage of.

Brent

Brent markets of course have gone sideways as well, although were a bit more positive, or perhaps a better way to put it: “a little less negative”, during the day on Friday. I think that the market will eventually go looking towards the $70 level, and perhaps break above there to go looking towards the $80 level. That’s an area that will offer a lot of resistance due to the psychology involved, but I think that every time we pull back it’s more than likely going to be a buying opportunity as it shows you value going forward. I think the $75 level underneath is the “floor” of the market, and I believe it’s only a matter of time before value hunters come back in on these pullbacks. With tension in the Middle East, it’s difficult to imagine that Brent will fall significantly.

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