Crude Oil Weekly Price Forecast – Crude oil markets continue to grind

WTI Crude Oil

The WTI Crude Oil market fell back during the course of the week, reaching down towards the $55 level before bouncing. At this point, we are obviously at an area where there is a lot of supply that we can’t get through, so I think it’s not until we break above the $58 level that you can feel good about buying this market and hanging onto it. If we break down below the $55 level, we could very well find this market going down as low as $52 underneath. At this point, it is going to be very noisy and difficult. However, I do think that overall it looks like the buyers have the upper hand.

WTI Video 04.03.19

Brent

Brent markets fell during the trading week, reaching towards the $65 level, and looks as if we could fall a little bit further over here to find support. The $64 level is an area that has been resistance in the past, so to see the market pulled back there would make quite a bit of sense. I think that on a pullback you probably get a buying opportunity, as Brent markets have seen a complete shift in the attitude of participants, I do think that this is an opportunity to pick up oil cheaply, but if we break out above the highs from the previous week, that’s also an opportunity to go long and reach to the upside.

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