Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to March Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the week but gave back gains at the very end, to show a little bit of hesitation for break out. Nonetheless, Brent has already broken higher, and I think it is probably only a matter of time before WTI follows. With this being the case, I think that we probably have a scenario where the crude oil markets pull back, but every time they do there will be plenty of buyers to try to pick up momentum. This is a “buy on the dips” type of situation, and I just do not see that changing anytime soon. With that, I believe that the $70 level is going to be the “floor the market” at the moment.

WTI Oil Video 04.10.21

Brent

Brent markets have rallied as well, but unlike the WTI market, they have touched new highs. Speaking of the new high, it is at the $80 level, which of course in and of itself will attract a certain amount of attention. Because of this, I think that the pullback makes a little bit of sense, perhaps profit-taking, but I also believe that there are plenty of buyers underneath trying to take advantage of value once it happens. In fact, it is not until we break down below the $70 level that I would consider shorting this market, which quite frankly we are nowhere near. Because of this, buying on the dips will be the easiest way to play this market but if we take out the $80 level right away, then it opens up a potential move towards $82.50 rather quickly.

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