Crude Oil Weekly Price Forecast – Crude Oil Markets Have Stellar WeekCrude oil market shot straight up in the air during the course of the week as people continue to focus on OPEC and the idea of stimulus.
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 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.
75% of retail CFD investors lose money
For a look at all of today’s economic events, check out our economic calendar.