Crude Oil Weekly Price Forecast – Crude Oil Markets Recover After Rough Beginning to the Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied during the day on Friday to wipe out much of the gains during the course of the week. The resulting candlestick looks a lot more supportive than the one that could have been printed on Wednesday, so this of course is a good sign. The jobs number in America was much stronger than anticipated and that could have people thinking that the demand for crude oil will only continue to go higher. With that in mind, it is very likely that we continue to see more of this “buy on the dip” mentality going forward, especially from shorter-term traders. Currently, the $75 level is the “floor” for this market, while the $85 level above is the “ceiling.”

WTI Oil Video 08.11.21

Brent

Brent markets have also recovered quite nicely at the end of the week to show signs of life again. The $85 level has obviously been significant resistance, but if we can break above there then I think the market is likely to go looking towards the $90 level. Underneath the candlestick, we have the $80 level which should offer a significant amount of support, and therefore I think that will be the “floor the market” going forward. There is a lot of demand for crude oil out there, and with OPEC refusing to pump out more, it does make sense that price remains somewhat elevated. For what it is worth, a lot of the “experts” in the field are anticipating the crude oil in the Brent grade could go looking towards the $100 level sometime in the next six months.

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