Crude Oil Price Forecast – crude oil flexes its muscles to end the week

WTI Crude Oil

The WTI Crude Oil market rallied significantly during trading on Friday, breaking above the $69 level. By doing so, the market showed signs of strength and clarity for once, as the US dollar has decidedly weekend during the day. That being the case, and now I believe that the market is now one that you should be buying on the dips, and I believe that we will go looking towards the $70 level, and then the $71 level after that. I would not chase this trade but recognize that there should be plenty of opportunities as markets never goes straight up for any length of time.

Brent

Brent markets also rallied as you would expect, clearing the $76 level. Both of these markets enjoyed decent volume for the day, and of course the falling greenback has helped. I believe that pullbacks will be bought here as well, with $75 offering major support. I believe that as long as the US dollar gives back some of the gains it has enjoyed recently, we should continue to see a lot of bullish pressure in crude oil markets overall. In the Brent market, I think we are going to go looking towards the $79 level, followed by the $80 level after that. This last week has turned out to be very bullish for oil and has made it clear as to where the overall market thinks we are going next.

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