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

WTI Crude Oil

The West Texas Intermediate Crude Oil market went back and forth during the course of the trading session on Friday, as we continue to hover just above the $65 level. In fact, it appears that the $66 level is now a bit of a magnet and you could make a bit of a bullish flag if you squint at the chart. With that being the case, I think that it suggests that we could go looking towards the $70 region, which also ties in quite nicely with the megaphone pattern that I have drawn on the chart. Either way, this is a market that continues to find buyers on dips, lease for the short term. It is worth noting the volatility is picking up though, and that generally means that the “one-way trade” is now over and there is probably more downside risk at this point longer-term.

WTI Oil Video 15.03.21

Brent

Brent markets went back and forth during the course of the trading session on Friday as well, sitting just below the $70 level. If we can break above the $70 level, then it could send this market towards the $72 level. However, if we pull back then I think the market may go looking towards the $67.50 level, as it would stay in the same little bit of a range that we have been in. Just like the WTI grade, we are seeing this market show more volatility, and therefore it makes quite a bit of sense that we would see quite a bit more caution going forward. All things been equal though, I am not a seller, at least not yet.

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