Crude Oil Price Forecast – Crude Oil Markets Continue to Fight

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, after a stronger than anticipated jobs number. Furthermore, the 50 day EMA has held as support, so it looks as if the market is trying to go higher based upon technicals right along with the idea of more demand. The candlestick from the Thursday session is a bit of an inverted hammer, so if we break above there, that would also be an extraordinarily bullish sign.

If you squint your eyes just a bit, you will probably recognize that we could be forming a bit of a bullish flag. That would be confirmed on a break above the $85 level and could send this market looking towards much higher levels. In fact, it would not surprise me at all to see a triple digit print sometime in the next few months.

Crude Oil Video 08.11.21

Brent

Brent markets also bounced during the day on Friday, using the 50 day EMA as support, but perhaps more importantly, use the $80 level as support. Because of this, it is very likely that we will continue to see a lot of upward pressure, but the $85 level might be difficult to clear. If and when we do, that would be an extraordinarily bullish sign, perhaps sending oil much higher. While there was a bit of an inventory build in the United States earlier this week, there are longer-term structural issues at play that should continue to drive this market higher.

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