WTI Crude Oil
The WTI Crude Oil market has been very noisy during trading on Tuesday, breaking above the $60 level. However, the market went back and forth and continues to show a lot of noise. By breaking above the recent high, it looks as if we are ready to continue to go even higher than that. The $69 level above is an area of extreme supply, so it would make sense that we try to reach that level again. However, whether we can break through there is a completely different question. If this point, it looks as if the market is trying to pull back a little bit to find buyers, but obviously there is a lot of noise when it comes to the US dollar, which works against oil.
Brent
Brent markets were very noisy during the trading session on Tuesday, rallying towards the $74 level. The $74 level has offered enough resistance to turn the market back around, and it looks as if we could pull back to the $73 handle. At this point, the $73 level underneath should be support based upon the fact that it was previous resistance. A pull back from here should be a buying opportunity, and at that point I would anticipate the market should turn back around. Pay attention to the US dollar, as it has a lot of influence on where these commodities go. There is a massive amount of supply near the $74.75 level, so I think the market is going to try to go there, the pullback may be necessary in the short term.