Crude Oil Weekly Price Forecast – Crude Oil Markets Continue Bullish Pressure

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken above the $71 level to show signs of life again, breaking above a short-term downtrend line. This is a continuation of the move to the upside, as it looks like we are ready to go higher. To the downside, the $70 level underneath would be supportive, and with that being the case I think we are looking at a “buy on the dips” type of scenario, with the 50 day EMA underneath at the $61.48 level has been a massive support level. That being said, I think that it is going to find plenty of support multiple times before we get anywhere near there, especially if we do see a turnaround in the US dollar and it is starting to fall

WTI Oil Video 20.09.21

Brent

Brent markets rallied significantly during the course of the week to break above the $75 level, which of course is a large, round, psychologically significant figure. Having said that, the market is likely to continue to go higher, perhaps reaching towards the $77.50 level. This is a market that has been bullish for a while, and with that being the case I think short-term pullbacks will continue to offer an opportunity to get long.

I think at this point in time we are more likely than not to go looking towards the recent highs, perhaps reaching towards the $80 level. This is a scenario that I think continues to see plenty of value hunters jumping into it, as we are starting to see demand for crude oil due to the economy reopening, and for that matter simple heating.

For a look at all of today’s economic events, check out our economic calendar.