Crude Oil Weekly Price Forecast – Crude Oil Markets Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market fell rather hard during the course of the week, but as you can see, we have turned around to show signs of life again. By forming a hammer, and at one point testing the $70 level, it suggests that the market is trying to save itself, as we have formed a little bit of a “double bottom” near the $65 level, which I now think of as a major support level. With this, if we can break above the $70 level it is likely that this market will go looking towards the top of the candlestick from the previous week which has the market looking at the $74 level.

WTI Oil Video 16.08.21

Brent

Brent markets have gone back and forth as well, as the Delta variant picking up continues to have traders thinking that perhaps demand could weaken. However, it seems as if they are willing to look through that right now, as the market is trying to figure out a way to get long again. At this point, if we can break above the top of the candlestick for the week, it is very likely that we go looking towards the top of the previous week near the $75 level which is also a large, round, psychologically significant figure. Nonetheless, I think that you can probably count on a lot of choppy behavior and of course you should pay close attention to the US dollar, because it can work against the value of commodities as well, including the crude oil market obviously.

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