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Crude Oil Weekly Price Forecast – Crude Oil Markets Reach Towards Resistance

Crude oil markets got a shot higher on Friday as the Americans killed an Iranian general, causing instability in the Middle East yet again. That being said though, it does look like resistance is trying to hold late in the day on Friday, keeping the market at bay.
Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Markets Reach Towards Resistance
Drum barrel

WTI Crude Oil

The WTI Crude Oil market initially rallied during the week, and then shot higher on Friday as the Americans killed an Iranian general. This is obviously a very touchy situation, but with telling is that the market could not break out of the range. The fact that it could not shows just how much negativity there must be in the crude oil markets. Because of this, it’s very likely that the market will continue to see selling pressure, and although it is a bit counterintuitive if killing in the rainy in general can’t make prices break out, what will?

WTI Oil Video 06.01.20

Brent

Brent markets also broke higher but continue to struggle at a major resistance barrier. While Brent may have a little easier time going higher based upon the fact that it is much more Middle East driven, the reality is that there is significant resistance all the way to the $70 level so I’m looking for reason to sell anyways. Market participants of course bought oil as soon as news was released in an Iranian general has assassinated but it seems like we are updating some of the bullish pressure already from that. The Iranians did not react immediately, and at this point the longer we go without a reaction, the more likely it is that oil markets will continue to fall. Because of that, the fact that we are failing a right at the top of a range is something that should be paid attention to.

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