Crude Oil Weekly Price Forecast – Crude Oil Markets Have Strong WeekCrude oil markets had a strong week as it looks like OPEC and the IEA both are increasing their demand outlook for the rest of the year.
WTI Crude Oil
The West Texas Intermediate Crude Oil market rallied a bit during the course of the week to break above the recent resistance at the $62.50 level. This was in reaction to the International Energy Agency boosting its outlook for demand for the rest of the year, as OPEC did the same. Because of this, it looks like we are trying to reach towards the highs again, closer to the $67.50 level. That being said, it will probably be choppy as most of the “easy money” has already been made to the upside. Pullbacks at this point in time are probably going to be thought of as buying opportunities until we break down below the $57.50 level.
WTI Oil Video 19.04.21
Brent markets have also broken out to the upside due to the same reasons and look for ways to go looking towards the $70 level. With that being said, the market is likely to continue to see more upward pressure than down, and you will probably have an attempt to get to that big figure. If we can break above the $70 level, then the Brent market would probably go much higher. On the downside, if we were to break down below the $60 level, it is likely that we go looking towards the $54 level next.
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I think one thing you can probably count on is a lot of choppy behavior but clearly the most pressure seems to be to the upside, so you should keep that in the back of your mind as you look at volatility on shorter-term charts. The upside is most certainly the favored side at the moment.
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