Crude Oil Price Forecast – Crude Oil Markets Pressing Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied to test the $65 level but have pulled back ever so slightly to show signs of exhaustion. At this point time, if we break above the highs of the trading session on Thursday, then it is likely that we could continue to go higher. Crude oil continues to get a new boost due to the fact that OPEC+ and British Petroleum both have noted that they expect to see more demand going forward, and thereby driving up the price of crude as economies around the world continue to see more of a reopening trade come into play.

Crude Oil Video 30.04.21

Brent

Brent markets have also towards a significant resistance barrier, and therefore I think it is only a matter of time before the market goes looking towards the $70 level. The $70 level is an area where we have seen a lot of downward pressure, and it is of course a large, round, psychologically significant figure. If we break above there, the market is likely to go looking towards the $75 level. Underneath, the $65 level should offer support, especially as the 50 day EMA starts racing towards it.

That being said, this is all about the reopening trade as well, as crude oil demand should be picking up given enough time. Further driving this market higher might be the US dollar, if it continues to get hammered. It has struggled a bit as of late, so if it drops that it will take more of those same US dollars to buy a barrel of oil. Buying dips continues to be the best way that I see trading the energy market going forward.

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