Crude Oil Weekly Price Forecast – Oil Bounces Again

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market has bounced a bit during the week as we now look likely to continue the overall longer term consolidation that we had been in for some time. The $65 level is an area that is massive in its implications of support. So therefore, I think you’ve got to look at this as a market that’s offering a little bit of value. Whether or not we can continue to go a lot higher is a completely different question. But as we have been at the bottom of the range for the last couple of years, it does make sense that we may continue to see a little bit of an up trajectory of nothing else.

Brent Crude Oil Weekly Technical Analysis

Brent markets are very much the same as we have bounced just above that crucial $70 level and as we close out the week we are above the $75 level as well, so all things look fairly good. At this point in time, I think we’ve got a scenario where the $80 level could be challenged and anything above there opens up the $90 level.

Again, this is a lot like the West Texas markets, you had a situation where you just got fairly cheap over the course of the last couple of weeks as we were at the bottom of a two-year range. That’s a big deal that a lot of people ignore at their own peril. That being said, I think there are a lot of questions asked about demand and geopolitics and everything else, but at the same time, it’s worth noting that we’ve gone through a lot over the last two years and have still stayed in this range.

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