Crude Oil Weekly Price Forecast – crude oil markets initially pulled back during the week only to find buyers

WTI Crude Oil

The WTI Crude Oil market initially fell during the week but found enough support above the $50 level to turn around and rally again. It looks as if the shrinking US dollar is helping, but there is also expected increased demand going forward, and quite frankly it had sold off are too much. At this point, we are approaching the significant $55 handle, so if we can break above that level, then WTI Crude Oil can continue to go higher. I suspect we may see a little bit of a pushback in this area, but it should be temporary in nature as we continue to recover. In if we did turn on a break down below the $50 level, that would be very bearish.

WTI Video 21.01.19

Brent

Brent markets initially fell below the $60 level during the week, but then turned around to break above that level again. As we close out the week, it looks as if we are pressing a certain amount of resistance just above, but I think Brent will lead the way going forward, as it seems like it was the first one to break above its downtrend line. That being the case, even if you are not trading this contract, pay attention to it because it could give you a heads up in the other one. I think at this point, pullbacks continue to offer buying opportunities and what looks to be a complete turnaround in the petroleum markets.