Crude Oil Price Forecast – Crude Oil Markets Break Out Awaiting OPEC

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken out to the upside during the trading session on Tuesday as we continue to see a lot of demand for crude oil being front and center, and of course with OPEC+ meeting during the session, a lot of traders are focusing on the idea of increased demand going forward. Looking at this chart, it looks as if the WTI market is probably going to go looking towards the $70 level.

While I do believe that the $70 level is going to cause a little bit of resistance, it is very likely that we will eventually see this market to go higher and break through that area. Short-term pullbacks at this point in time should continue to offer buying opportunities.

Crude Oil Video 02.06.21

Brent

Brent markets have broken to the upside during the course of the trading session on Tuesday to break through the top of the ascending triangle as well. Now that we are above the $70 level it is likely that we are going to go looking towards the $72.50 level, and then possibly the $75 level over the longer term. Underneath, the 50 day EMA offer significant support, right along with the uptrend line of the ascending triangle. If the US dollar continues to fall, that could also help the idea of oil going higher. I do believe that the measured move signifies that we could be looking at buyers aiming towards the $80 level above, which of course will attract a lot of attention in and of itself. I have no interest in shorting crude oil at this point as the summer driving season should drive up demand by itself.

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