Crude Oil Price Forecast – Crude Oil Markets Continue to Power HigherCrude oil markets have rallied again during the trading session on Tuesday as we continue to see a lot of noisy behavior. The market has been bullish over the last couple of days, and quite frankly this point I do not see that changing.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Tuesday as we continue to see more money flow into the energy sector, perhaps in a bid to be inflation. At this point in time, it looks as if the market wants to get towards the $74 level, an area that I think will be rather difficult to get beyond, due to the fact that we had seen so much in the way of selling pressure there previously. If we were to break above that level, then obviously crude oil would have much further to go, perhaps reaching towards the $77.50 level next.
Crude Oil Video 15.09.21
Markets rallied as well, as one would expect. The market continues to see a lot of bullish pressure overall, as traders continue to bank on energy beating inflation. Furthermore, a lot of people are banking on the reopening trade still, and the demand for crude oil. OPEC recently has stated that they anticipate quite a bit of demand for the rest of the year, so that of course also helps the situation. Add to that the fact that the US dollar continues to look rather soft, and you have a situation where you could very easily take off to the upside.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Having said that, if we were to take out the $71 level underneath, it is very likely that we could go much lower, as that would be a major breach of that is not my base case scenario, but it is obviously something worth paying attention to.
For a look at all of today’s economic events, check out our economic calendar.