Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure to The Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied during the trading session on Friday only to turn around and show the $80 level as significant resistance. If we were to break above there, then it is likely that the market could go looking towards the $82.50 level, but it would take a little bit of momentum, something that the market certainly did not have heading into the weekend.

If we do pull back from here, it is very likely that the $75 level will continue to offer support, perhaps even the $77.50 level could come into the picture as well. Either way, there is no real reason to short this market, because it is very likely that we have further to go to the upside as supply continues to be constrained.

Crude Oil Video 11.10.21

Brent

Brent markets have struggled a bit during the trading session as well, as we could not break out to a fresh, new high. That being said, the $80 level underneath should continue to offer plenty of support, so buying pullbacks makes quite a bit of sense. Quite frankly, I do not even have a scenario where am shorting this market. Having said that if we were to break above the last couple of sessions, then we could go looking towards the $85 level. I have no interest whatsoever in shorting, just as I feel the same way about the WTI market. The US dollar falling could help, but quite frankly I do not even think people are paying attention to. The 50 day EMA is sitting at the $75 level, and is rising so that should continue to attract a lot of momentum as well.

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