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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be rather choppy and resilient though during the trading session on Friday as the jobs number causes plenty of noise. The $75 level is of course a large, round, psychologically significant figure, and an area that would attract a lot of headlines. That being said, the market going back and forth on what would be a very thin session as we head into the weekend would not be a huge surprise.

Pullbacks at this point in time should continue to attract a lot of bullish pressure, because quite frankly this is a market that I think continues to see more demand based upon the reopening trade. I have no interest in selling and recognize that the 50 day EMA reaching towards the $70 level probably offers a bit of a floor.

Crude Oil Video 05.07.21

Brent

Brent markets were very choppy during the trading session on Friday, as we are sitting just above the $75 level. The $75 level will attract a certain amount of attention of course, but if we break down below here, it is likely that we go looking towards the 50 day EMA which is currently at the $71 level. To the upside, the $80 level could be a target, but I would also anticipate that the $80 level will be extreme resistance. All things been equal, this is a market that should continue to drive higher, especially as OPEC has meetings all throughout the session and the weekend. Pay close attention to the United Arab Emirates, it is threatening a holdout on production increases.

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