Crude Oil Price Forecast – Crude Oil Markets Rip Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session to slam into the $55 level. If we can break above there, that obviously would be a very good sign, due to the fact that the market had been quiet for so long. That being said, we need to clear the $55 level in order to rally another $2.50 to the $57.50 level above. On the other hand, if we do show signs of exhaustion, we could find ourselves drifting right back towards the middle of what I see as a five dollar consolidation range that we are trying to leave right now.

Crude Oil Video 03.02.21

Brent

Brent markets rallied significantly during the trading session on Tuesday as well, breaking above the $57.50 level. At this point, it looks like short-term pullbacks will probably offer buying opportunities for Brent, sending it towards the $60 level. I think at this point it is likely that we will continue to see a push towards the $60 level, but the occasional dips will probably be part of the landscape. The $55 level underneath is a bit of a floor the market for the short term, and the 50 day EMA looks as if it is trying to reach towards that area. Whether or not we can break above the $60 level is a completely different question, but it is certainly something that we will have to approach when we get there. In the meantime, it certainly looks as if the oil market continues to be bullish for the short term. Sooner or later though, we are going to start focusing on the fact that the economy is still dragging along.

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