Crude Oil Weekly Price Forecast – Crude Oil Markets Have Stellar Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market broke higher during the week, breaking above the $55 level. This was an area that had been perceived resistance, and now that we are above there it is likely that we continue going higher. However, a lot of this comes down to the idea of stimulus and of course demand based upon stimulus. I suspect that you probably get a short-term pullback, followed by a little bit of follow-through. One thing that is most certainly working against the value crude oil longer term is the US dollar, which although it had a little bit of a rough day on Friday, has been performing quite well.

WTI Oil Video 08.02.21

Brent

Brent markets have exploded towards the $60 level, and at this point in time it is likely that we will try to break to the upside. If we can break above the $60 level, it is likely that the market would continue to go higher, perhaps reaching towards the $70 level. That being said, we are a little bit stretched at this point so I think really what we are seeing here is a scenario that may call for some type of pullback in order to pick up momentum. OPEC production cuts have been a big mover, and of course the idea of stimulus driving up demand is the talking point scenario that Wall Street is currently using. Nonetheless, it is a bullish candle and I do believe that the momentum will probably carry it higher, but it would be nice to see a little bit of a pullback before simply going parabolic.

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