Crude Oil Price Forecast – Crude Oil Continues to See Upward Pressure

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market continues to show a lot of volatility as we jumped to reach the $71.50 level, only to turn around and show signs of exhaustion. At this point in time, the $71.50 level begins a significant amount of resistance that extends to the $72 level, and breaking above the $72 level opens up the possibility of a move to the $75 level. All things being equal, this is a market that I think if we do pull back, we have plenty of support underneath near the $69 level.

I do think all things being equal, this is a market that continues to find value hunters jumping into it because quite frankly, we continue to see oil inventory numbers show signs of demand. And on top of that, the US dollar continues to shrink.

Brent Crude Oil Technical Analysis

Brent markets look very much the same, pulling back a bit, but I do think it’s probably only a matter of time before we break above the $76 level and continue going higher. On a pullback, the $72.50 level is a significant support level, as it was previous resistance.

All things being equal, this is a market that I believe will continue to find plenty of value hunters, and it’s worth noting that both grades of oil recently bounced from a major low going back a couple of years. So, we’re just simply bouncing from the bottom of the major consolidation region.

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