Crude Oil Price Forecast – crude oil continues to dance around major levels

WTI Crude Oil

The WTI Crude Oil market when sideways initially, but then pulled back to the $75 level. That’s an area that has been supported and resistance before, but more importantly we went slamming into the $75 level, which is a large, round, psychologically significant figure. If we can break above that level, I think that the market could continue to go higher, perhaps reaching towards the $76 level. Longer-term, I think there is plenty of bullish pressure underneath as the Iranian sanctions will tighten supply going forward.

Brent

Brent markets pulled back to the $84 level initially during the trading session on Friday but turned around to rally towards the $85 level. The $85 level is of course the round figure that a lot of traders will pay attention to, but if we can get above there, the market will more than likely go looking towards the $86 level. We have seen a lot of demand that the $84 level, so I think it’s only a matter time before buyers continue to push from there. Ultimately, I think we break above the $86 level and then the $90 level after that. This is a market that has been very bullish over the longer-term, but the last couple of days I think have been more or less digestion than anything else. Overall, I believe that buying on the dips continues to be the way going forward.

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