WTI Crude Oil
The WTI Crude Oil markets rallied initially during the day but then rolled over rather significantly. By doing so, we felt to the $61.25 level. That’s an area that has offered a little bit of support, but I think given enough time it will be yet another blip on the radar. The fact that we have rallied from here is special, other than it lines up nicely with the uptrend. The $62 level will more than likely be targeted from here, in a breakout above that level should send this market to the $62.50 level. If we were to break above there, the market could go looking towards the $65 handle next.
Crude Oil Inventories Video 08.01.18
Brent
Brent markets fell significantly during the course of the session on Friday, but bounced significantly from the $67.30 level. The fact that we bounced as hard as we did suggests that we are going to continue to see a lot of buying pressure in this market, and that we are probably going to go looking towards the $70 level next. I believe that $70 will of course offer a significant barrier, but in the meantime, it looks as if the market really needs to test that level of some type of psychological level. Buying on pullbacks continues to be the way forward in the Brent market, as we clearly have a lot of buying pressure underneath. In fact, it’s not until we break down below the $66.50 level that I am concerned.
