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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has quite significantly during the trading week, reaching above the $69 level again. Quite frankly, this is a market that looks like it is ready to turn around and go much higher, so at this point in time I believe that if we can break above the $70 level then the market will almost certainly go looking towards the $75 level after that. Pullbacks will continue to attract a certain amount of attention, especially just above the 50 week EMA at the $60 level. If we were to break down below that, that could be a very ugly turn of events, but it certainly looks as if oil is getting ready to fight yet again.

WTI Oil Video 30.08.21

Brent

Brent markets also have had a very strong week, breaking above the $72 level, and gaining even more than the WTI market at. Because of this, it is very likely that the market will continue to see this as a move to the upside just waiting to happen, perhaps opening up the possibility of a move towards the $80 level. Brent has had a nice little pullback, and now it looks like it is ready to continue the move to the upside. With that in mind, I think that the market forming this big candlestick will give a lot of comfort to those who have been bullish, and now that we have a potential hurricane disruption in the southeastern part of the United States, that could put a little bit of pressure on supply, driving prices up higher as well. If the US dollar continues to fall, that only adds to the pressure.

For a look at all of today’s economic events, check out our economic calendar.