Crude Oil Weekly Price Forecast – Crude Oil Markets Expand Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has been very bullish during the course of the week, as we have reached towards the $80 level. That being said, the market is respecting the $80 level, at least so far. Ultimately, I think this is a market that will find a reason to get above here, and when it does it becomes more of a “buy-and-hold” situation yet again. After that, the market probably looks at the $85 level for no other reason than the psychology of it. On pullbacks, I would anticipate that the $75 level offers a bit of support, as it was the previous high and a certain amount of “market memory” should come into the picture.

WTI Oil Video 11.10.21

Brent

Brent markets continue to be bullish as well, as we have cleared the $80 level quite handily. At this point, the market then tested the $82.50 level, an area that could cause slight resistance, but as soon as we get some type of pullback it is likely that the buyers will jump back in. I anticipate that there should be a bit of a “floor the market” near the $75 level, assuming that the $80 level does not turn the market back around to the upside. There continues to be a lot of concern when it comes to the supply of petroleum, and whether or not the European Union will need to use petroleum to fire up power plants. All things been equal, there is really not much in the way to suggest that this market should fall apart anytime soon. This is a bit of a runaway trade, and I think that continues to be the case.

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