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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the course of the week, after initially pulling back. All things been equal, the market looks as if it is going to try to go looking towards the $85 level. The $85 level of course is a large, round, psychologically significant figure, but quite frankly crude oil has taken off to the upside and needs a little bit of a pullback to offer any hint of value at this point. Clearly, you cannot be a seller of crude oil, rather you need to look at the pullback that comes as a potential value opportunities more than anything else. Supply of crude oil continues to be a major issue, and it does not look like it is going to change anytime soon.

WTI Oil Video 25.10.21

Brent

Brent markets have initially pulled back during the course of the week, only to turn around to form a bit of a hammer. The hammer of course is a bullish candlestick, but if we break down below the bottom of it, it is possible that this could turn into a “hanging man.” I do not necessarily think that would kick off a major negative move, but it could signify a bit of a pullback, something that of course is probably necessary, due to the fact that the market has been so parabolic. At this point, I suspect that the $80 level underneath will be rather supportive. The market continues to be very explosive, but all things being equal this is a market that can only be bought, but you may have to wait for a better opportunity than you have right now.

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