Crude Oil Price Forecast – Crude Oil Markets Continue to Advance
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Friday as the jobs number came out with an addition of 559,000 jobs for the month. There were whispered numbers of 1 million, so it does make quite a bit of sense that we have seen this market struggle a bit, but I do think there is plenty of support underneath and the fact that we are peeling back a little bit from the $70 level should not be a huge surprise as it is psychologically significant.
Underneath, the $67.50 level should offer support, as it was the top of the ascending triangle. That being said, I would be a buyer on a dip and believe that we will not only reach towards $70 but also break far above that.
Crude Oil Video 07.06.21
Brent markets have gone back and forth as well, and as a result I do think that given enough time the market is probably going to go looking towards the $75 level above, as the $70 level should now offer support for the same reasons that the $67.50 level should in the WTI grade. When you look at the chart, you can see that the $70 level was the top of an ascending triangle, and it of course has a significant amount of psychological importance built into it as well. All things been equal, I think that you buy dips in this market as it continues to strengthen and therefore there is almost no way to short this market anytime soon.
For a look at all of today’s economic events, check out our economic calendar.