Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Find Buyers on Dips

WTI Crude Oil

The West Texas Intermediate Crude Oil market continues to see plenty of support on dips, as the $85 level is offering a bit of a lid on the market currently. That being said, it looks as if it is only a matter of time before we break above there and continue going higher. If and when that happens, the crude oil market will more than likely make a move towards the $87.50 level, and then eventually the $90 level. Pullbacks continue to see plenty of support at the $80 level as well as the $75 level, an area that has been previous resistance. Nonetheless, with the significant lack of supply out there, it should continue to send this market higher.

WTI Oil Video 01.11.21

Brent

Brent markets continue to see a lot of resistance right around the $85 level, but all things been equal, this is a market that will eventually break above there. A pullback below the bottom of the weekly candlestick could send this market towards the $80 level, which is a large, round, psychologically significant figure. Below there, then we have the $77.50 level offering support as well. This is a market that has been a little bit extended recently, so to print a red candlestick for the week is probably not the worst thing. At the US dollar continues to struggle overall, that could also send this market higher as well as the commodity of course is priced in greenbacks. OPEC is in no mood to increase overall supply, so I think it does make a certain amount of sense that we continue to go much higher.

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