Crude Oil Price Forecast – crude oil markets pulled back on Thursday to find value hunters

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the trading session on Thursday, reaching down towards the $75.50 level as the Americans sold immediately. However, the longer-term trend is still very much the upside and it is starting to look like buyers are jumping back in. I also recognize the $75 level as an extremely important support level going forward. I recognize that the jobs number coming out on Friday will of course have a significant effect on the US dollar, and then by extension the crude oil market. However, I think traders are continuing to worry about the Iranian sanctions, so therefore there is going to be more of an upward proclivity in this contract anyway.

Brent

Brent markets also pulled back, as we have seen a bit of profit taking to kick off the session. However, I think that the $85 level underneath is going to be significantly supportive, and I think that it is only a matter of time before the buyers jump in and push this market to the upside. Overall, I believe that we will continue to find buyers based upon the Iranian sanctions, and if we can get a strong jobs number, this could also signify that traders will focus on potential demand in the United States. After all, the more people that are working, the more they are driving and of course the more factories are using fuel. Overall, I still believe that there are plenty of value hunters out there looking to get involved, so I have no interest in shorting and I think that the buyers will continue to aim towards the $87 handle.

Crude Oil Forecast Video 05.10.18