Crude Oil Weekly Price Forecast – Crude Oil Markets Have Rallied Significantly Again This Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied to break above the $79 level, which of course is a large, round, psychologically significant figure that a lot of short-term traders will be paying attention to. From a longer-term standpoint, this is a very good sign, and it does suggest that perhaps we could see a continuation. Ultimately, oil is a market that you do not want to sell, mainly due to the fact that we still have issues extracting oil in places like Libya and Nigeria. Ultimately, this means that OPEC will not be delivering the amount of crude oil that people initially thought. Pullbacks should continue to offer buying opportunities in what has been a very bullish market.

WTI Oil Video 10.01.22

Brent

Brent markets also have been very bullish, breaking above the $80 level. By doing so, it clears another barrier and I think that any pullback at this point in time will be a significant buying opportunity. The shooting star from the previous week being broken to the upside is of course a bullish sign as well so all things being equal, then I think it is only a matter of time before we reach towards the highs again. Ultimately, this is a market that I think we see plenty of value hunters willing to get involved, so with this I have no interest whatsoever in trying to short this market, and I do believe that we will hit the highs again, and perhaps even below through them over the next several weeks. With this, there is no bearish case to be made in crude oil anytime soon.

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