Crude Oil Price Forecast – Crude Oil Markets Continue to Look Bullish

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Thursday as we continue to see plenty of upward pressure after the omicron scare has worn off. Now that we are just above the 50 day EMA, very likely that we will continue to go higher from here. In the short term, I suspect that the $80 level will be the first target, but I also believe that we are going to go much higher, due to the fact that the demand for crude oil should be picking up next year now that we are not worried about massive lockdowns.

Crude Oil Video 31.12.21

Brent

Brent markets initially pulled back just a bit but then shot higher as we are currently threatening the $80 level. The Brent market looks as if it wants to lead the way higher of the two grades of crude oil, but nonetheless they are both going higher over the next several weeks. I believe that a short-term pullback would be nice, but we may or may not even get that opportunity. The market had been a bit parabolic, so if we go sideways for the next couple of days, that would not necessarily be the most remarkable thing to happen. I believe that given enough time, this is a market that will continue to see a lot of volatility, but it still more than anything else will see upward pressure as demand is expected to pick up quite a bit this following year.

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