Crude Oil Price Forecast – Crude Oil Continues to Grind to Higher Levels

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday to show a continuation of the overall upward pressure. That being said, the market looks as if it is ready to continue marching towards the $75 level, an area that I believe given enough time we will hit. If we break above that level, then it is very likely that we could go looking towards the $80 level. Ultimately, I think the market does get there given enough time, based upon the perceived demand coming in the reopening trade. Furthermore, we have worked through a lot of the glut of supply after the pandemic it. To the downside, I believe that the $67.50 level is the “floor in the market.”

Crude Oil Video 16.06.21

Brent

Brent markets of course look very much the same, as we continue to see upward momentum come into the marketplace. The $75 level is being approached, and I do think that we are ready to go above there to look towards the $80 handle as well. Underneath, I believe that the $70 level should offer a significant amount of support, as it was the top of the ascending triangle that we just broke out of and of course it is a large, round, psychologically significant figure. The 50 day EMA is also walking right along, and I do think that it is probably only a matter of time before we see buyers in that general vicinity if we do for some reason pullback. The Federal Reserve is having its meeting over the next couple of days, so that could have an influence on the US dollar as well.

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