Crude Oil Price Forecast – crude oil markets bullish to kick off the week

WTI Crude Oil

The WTI Crude Oil market has exploded to the upside, reaching towards the $70.50 level in the CFD market, an area that began significant resistance. I believe that market participants will find that there is a lot of supply appear, so I would not be surprised at all to see this market role right back over. However, if we can break above the $70.50 level, then I think that the market will find itself going much higher. This is a market that is going to remain volatile and was rocked a bit by missile attacks against to Saudi tankers. Overall though, this should not have a longer-term effect as the Saudis have already suggested that they will not suspend traffic.

Brent

Brent markets broke above the $75 level, an area of major supply. The market looks likely to continue to find sellers just above, and at this point I think we are probably going to see this market roll back over. If we break above the $75.35 level, then I think we can go higher. However, I believe that we have gotten a bit overextended, and therefore a pullback is all but imminent. I would anticipate the $74 level underneath the be supportive, and I think that the breaking of that level would be very negative. I don’t necessarily expect that, but I do think that we will get some selling pressure in this general vicinity. Obviously, the US dollar will have its influence on this market as well, as if it strengthens that could also add to selling pressure.

Crude Oil Video 31.07.18