Crude Oil Weekly Price Forecast – Crude Oil Markets Tread Water

WTI Crude Oil

The West Texas Intermediate Crude Oil market chopped around a lot during the week as we continue to see a lot of noisy behavior overall. With this, I think the market is likely to see a lot of back and forth in the short term, but eventually we will have to make a decision as to whether or not we are going to continue to go higher, as traders are trying to figure out the situation when it comes to demand. OPEC is going to continue to increase production, but I think the US dollar will have its say as well. After all, the US dollar continues to fall, that might help lift commodities in general, this one included. Breaking above the top of the weekly candlestick opens up the possibility of a move towards the $74 level. Otherwise, the $62 level underneath offer support.

WTI Oil Video 06.09.21

Brent

Brent markets are rallying quite significantly on Friday but spent most of the week relatively quiet. Looking at this chart, there is a downtrend line, so if we can break above there that is also a bullish sign. At that point, the $75 level is likely to be targeted, and you could even make an argument for a little bit of a bullish flag, although it is an ugly one. If we break down below the $70 level, then it is likely we go looking towards the lows of the last couple of weeks, which sits at the $65 level. Again, pay close attention to the US dollar as well because it has a significant effect on this market most of the time.

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