Crude Oil Price Analysis – Oil Jumps Again on Tuesday

WTI Crude Oil Technical Analysis

The light sweet crude oil market has shown itself to be very positive early on Tuesday as we are approaching the crucial $100 level. The $100 level of the course is a large, psychologically significant figure, and if we can break above there, it opens up a move to the $104 level.

A pullback from here would make quite a bit of sense, considering that it is an area that has shown itself to be rather important and resistance. So, I’m waiting to see how we behave here at this obvious level but as things stand right now, I think you have to assume that possibly the crude oil market is in an area of inflection. This will probably be headline-driven, unfortunately.

Brent Crude Oil Technical Analysis

The Brent market has really shot straight up in the air, and that makes a certain amount of sense considering that the problems in the Middle East directly influence Brent much more than light sweet crude due to geography.

And now that we are approaching the $112 level, this is an area between here and $120 that has been a significant barrier that a lot of people have been seeing selling pressure and difficulty breaking above. This should continue to be the case going forward, as the order flow above is going to continue to be a major factor.

We are a little extended, so I am looking for some type of pullback, but really, at this point, what we need is some type of good news when it comes to the Middle East and how things are behaving as far as the latest headlines, etc.