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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit during the course of the trading week as OPEC+ cartel members have yet to come to some type of longer-term agreement, and therefore it is going to be difficult for traders to put a lot of money into the market right now. Ultimately, this is a market that I think continues to see a lot of downward pressure until we can get some type of certainty, but there is also the other side of the equation where we look at the potential demand as the world opens up as growing. That being said, the $70 level needs to hold as support war we have further to go to the downside.

WTI Oil Video 19.07.21

Brent

Brent markets have initially rally during the week but then broke down to reach towards the uptrend line that I have marked on the chart. If we break down below that uptrend line, it is very likely that we go looking towards the $70 handle. The $70 handle of course is a large, round, psychologically significant figure that a lot of people would be paying close attention to, and therefore I would anticipate a certain amount of support in that general vicinity. Ultimately, this is a market that I think is going to be paying close attention to not only the previously mentioned OPEC meeting, but the US dollar which typically has a bit of a negative correlation to this market. Because of this, you will have to be very cautious and pay attention to the US Dollar Index as well as rumors coming out of OPEC.

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