Crude Oil Weekly Price Forecast – Crude Continues to Look Bullish

WTI Crude Oil Weekly Technical Analysis

You can see that crude oil continues to be very bullish as the WTI market has broken above the crucial $85 level. There are plenty of reasons to believe that WTI continues to rally. But at the very least it’s the trend. The trend is positive and has been all year. And I don’t think that will change anytime soon. Ultimately, this is a market that will continue to see a lot of volatility. But there are a lot of reasons to think that perhaps traders will get involved based on the idea that it’s a cyclical trade. There’s also a lack of supply coming through the pipelines.

And then eventually I think really it looks like the Middle East is definitely going to continue to be a major issue. So, with that being said, I think that WTI continues to be a buy on the dip market.

Brent Crude Oil Weekly Technical Analysis

Brent looks exactly the same, just breaking above the $90 here recently. And then I think at this point 95 is probably the next target, as the momentum continues to be very strong in general.

If we can break above the $95 level, then $100 is very likely to be the case. And I do think we get there. This is a market where traders continue to focus on the lack of supply. But another thing that we have to keep in mind is that central banks are likely to cut rates later this year, and that’s going to drive up demand.

The employment situation in the United States on Friday confirmed the fact that there are plenty of people getting jobs, which also is another reason to think that perhaps we are going to continue to go higher. Short term pullbacks continue to be buying opportunities.

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