Crude Oil Price Forecast – Crude Oil Markets Trying to Break Out

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied just a touch during the trading session but continues to struggle with the idea of the $50 level. With that being the case, I think it is only a matter of time before we need to make a bigger move. It may take several days, and it may even need to wait until after we get through the jobs number on Friday, but $52.50 would be the next logical target. At this point, short-term pullback should continue to attract buyers from what I can see. Keep an eye on the US dollar, it always has an effect on this market as well as it tends to be somewhat negatively correlated.

Crude Oil Video 07.01.21

Brent

Brent markets have been a bit noisy as well but are cleanly above the resistance line that had been such an issue for a while. With that being the case, I think it is only a matter of time before we go looking towards the $55 level, and perhaps even to the $57.50 level. I have no interest in shorting this market and I think that pullbacks all the way to at least the $50 level will attract a certain amount of value hunting. Because of this, I do not anticipate that we will see any significant break down, but if we were to break below the $50 level, I would have to rethink the entire situation. As things stand right now, I do like the idea of perhaps trying to buy dips as they occur, especially if the US dollar continues to drop longer term.

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