Crude Oil Price Forecast – crude oil markets all over the place on Friday

WTI Crude Oil

This is a market that was slapped around in a couple of different ways during the day on Friday, and the $70 level offering support is a good sign, but at the same time it looks as if the $71.50 level is offering significant resistance. Overall, I think that the market does want to go higher but the US dollar strengthening based upon the noise and the United Kingdom has put more bearish pressure on this. Overall, I think that the market will be paying attention to quadruple witching during the session as well, so quite frankly I would pay more attention to the longer-term trend of going higher.

Brent

Brent markets initially peaked at the $80 figure to turn around and fall towards the $78.50 level as well. In general, the market has been going sideways for some time, but with the Iranian sanctions coming, it’s likely that we are going to see a lot of volatility in this market, but I also believe there will be an uptrend overall, as the shrinking supply should only add more upward pressure. However, the US dollar is the counterbalance, so pay attention to that. The $77.50 level underneath will be supported as well, but at this point I think that oil traders have decided that they want to go higher. If we break above the $80 level, it’s likely that we will then go to the $82.50 level next. Expect volatility regardless of what happens, so be very cautious about your position size going into this next couple of days.

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