Crude Oil Weekly Price Forecast – Crude oil markets have rough week

WTI Crude Oil

The WTI Crude Oil market initially rallied during the week, reaching towards the $60 level but then turned around. By doing so, we fell rather hard, but then found buyers as well. In other words, this market is all over the place as we continue to try to figure out where we are going next. The US/Iranian tensions are bullish for the market, but they are starting to die off just a bit. Beyond that, we have to worry about the man, because the world global markets are slowing down. Moving in the other direction, we have the US dollar likely to be sold off. In other words, I believe that we stay in this tight range between $55 and $60 for the next several weeks. Once we break out of this area though, it opens up a move for another five dollars in either direction.

WTI Video 08.07.19

Brent

Brent markets were even more volatile, as we are starting to show more of a neutral candle. At this point, we are essentially just hanging about the $65 level. It is difficult to make a larger decision, so if we can break out of the range for the week, then we could go to the $70 level. However, if we were to break down below the bottom of the weekly candle said, it’s almost more likely that we are going to reach towards the $60 level after that. Remember that these two markets move in the same direction, so pay attention to one, the other should follow right along.

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