Crude Oil markets open up the week with positive momentum

The crude oil markets have rallied a bit during the trading session to open up the week on Monday, and it looks like we are ready to go higher. I think that we have seen quite a bit of support underneath that should continue to hold, and with OPEC revising its global demand forecast, and has traders jumping into start buying again.
Christopher Lewis
Crude Oil daily chart, May 15, 2018
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WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Monday, reaching towards the $71 level. I think that short-term pullbacks will continue to offer buying opportunities though, with the $70 level underneath offering a significant “floor” in this market. I believe that the market should eventually go looking towards the $72.50 level, perhaps even the $75 level above. The market has been bullish, and I think it will continue to be so as OPEC has suggested that global demand is going to continue to go higher.

Brent

Brent markets when sideways overall during the trading session to start out the day on Monday, but then have shot much higher during the day on Monday, breaking above the $78 level. Because of this, I believe that we will continue DC buying pressure in this market, and it seems all but assured that we are going to go looking towards the $80 level above. I think short-term pullbacks will continue to find plenty of support at the $77 level underneath, and therefore I think that the market will eventually go looking towards the psychologically important larger numbers, and with the OPEC report suggesting that there is going to be more demand, it makes sense that we should continue to go much higher. I have no interest in shorting this market, and with a falling US dollar it makes sense that Brent will continue to strengthen as well.

Crude Oil Video 15.05.18

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