Crude Oil Price Forecast – Crude Oil Markets Recover

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gapped higher to kick off the trading week, as we have continued to recover from the bottom of the ascending triangle. That being said, the market is likely to see the area just above as resistance, but if we can break above the $60.50 level, then it is likely that the market goes looking towards the $70 level, and then eventually the $72.50 level.

With that being said, I like buying dips unless of course the Iranians suddenly flood the markets with oil, but the nuclear talks with Iran continued hit snags, so it is the same games being played as in the past. I suspect that oil eventually goes looking towards $80, but that is probably a scenario that gets played out later in the summer.

Crude Oil Video 25.05.21

Brent

Brent markets have gapped higher during the trading session on Monday as we have broken above the $68 level, and it certainly looks as if we are going to go looking towards the $70 level as well. If we can break above there, then the market is likely to go much higher, as we are most certainly in an uptrend, and of course are in an ascending triangle. If we do break the $70 level, is likely that we go looking towards the $75 level. Furthermore, I think Brent will probably be a little bit more explosive than the WTI market because it has more of a knock on effect from the Iranian supply. Nonetheless, pay attention to the US dollar because if it continues to fall, then it is likely to only add more pressure to the upside.

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