Crude Oil Price Forecast – Crude Oil Markets Continue Sideways March

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done almost nothing during the trading session on Tuesday as we await to see whether or not production is going to be increased, and of course whether or not there is going to be increased demand in the first place. As the world’s economy opens up, one would assume that demand will certainly pick up, but a lot of that may have already been priced into the market. After all, the market has gone straight up over the last several months.

With that in mind, the $75 level seems to be offering a little bit of resistance, and is not until we break to a fresh, new high that I would be a buyer again, at least on strength. That being said, if we did pullback towards the $70 level and showed signs of stability, I could be convinced to start building a position to the upside in that general vicinity.

Crude Oil Video 14.07.21

Brent

Brent markets of course are behaving very similarly, sitting just above the $75 level at the same time. They really have not done much of the last couple of days, at least not since bouncing from the 50 day EMA last week. It is still very positive looking chart, but it is one that is sitting around and waiting for some type of direction. With the US dollar showing signs of strength, that could be a little bit of a headwind, and of course there are people out there starting to worry about the pricing and of the Delta variant of coronavirus, as some economy is our choosing the lock back down. At this point though, I still believe in buying on the dips as long as we can stay above $70.

For a look at all of today’s economic events, check out our economic calendar.