Crude Oil Weekly Price Outlook – Crude Oil Bounces a Bit

WTI Crude Oil Weekly Technical Analysis

The light sweet crude oil market has found itself to be rather positive over the last couple of days at the end of the week and it does look like we are trying to turn things around in a positive tone. That being said, this is a market that has been beaten down over the last several weeks due to an oversupply situation and I think that is still something that we are going to struggle with. Ultimately, I think that the $65 level is an area that could cause a lot of headaches, but if we can clear that then maybe we can make a run towards the $68 level eventually.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very much the same, although I’d say maybe it has a little clearer path to the upside. It has the same fundamental problems as the other grains of crude oil because OPEC, the United States and Russia are all pumping out quite a bit of crude oil at the moment and therefore the supply of oil is a bit much.

Nonetheless, if we can continue rallying, I suspect that Brent may go looking at the $70 level. Pullbacks are possible and quite frankly likely, but I don’t know if I’m going to be looking for oil to collapse here. I think it’s found quite a bit of support between $62.50 and $67.50 in the Brent grade and a somewhat similar pattern has developed in light sweet crude. So ultimately a little bit of a bounce, but I think we’re going to try to settle into a range.

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