Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Show Strength

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially dipped during the course of the week, but then turned around to recapture the $75 level. This is a market that I think continues to see a lot of upward pressure, even though we are a little bit overextended. That being said, the market has recently broken out of an ascending triangle, so that should be paid close attention to. With that, I like the idea of buying dips as they occur, as we are clearly in a very bullish market.

WTI Oil Video 05.07.21

Brent

Brent market also has shown itself to be bullish, as we initially fell but then recaptured the $76 level. All things been equal, this is a market that I think continues to see upward momentum to reach towards the $80 level. Underneath, we have the $75 level which of course is supportive, and then of course the $70 level. If we were to break down below there, I think that the trend will change but right now I think we are much more likely to go looking towards the $80 level than anything else. This is a market that I think continues to see bullish pressure due to the idea of more demand due to opening up economies around the world.

With all of this, I think that given enough time we do go higher but we have the OPEC meeting of the weekend so there could be a little bit of volatility due to headlines. Crude oil is a market that I would have no interest in shorting anytime soon.

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