Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as traders continue to reach towards the $75 level. The $75 level course has a certain amount of psychology involved in it, so I think we need to look at this as a potential resistance barrier. If we can break above the highs of the Tuesday candlestick, then it is likely that the market continues to go towards the $80 level over the next several weeks. On the other hand, if we do pull back then I think we need to retest the 50 day EMA, the $70 level, and then perhaps even the $67.50 level after that.

Crude Oil Video 12.07.21

Brent

Brent markets of course are struggling with the same questions of the WTI grade is, mainly whether or not OPEC+ is going to get its act together and come to some type of an agreement. With the United Arab Emirates willing to step on the sidelines and threatened open the taps, that has people wondering whether or not there is going to be too much supply, or even enough demand to swallow it? Clearly, demand itself will be an issue but if OPEC cannot come to some type of an agreement that leaves the market up in the air as to what the supply/demand situation is going to be. Clearly, as economies around the world open all, that would be very good for crude oil, but we have a lot of uncertainty, which of course works against the health and steadiness of the market. Regardless, we are still very much in an uptrend.

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