Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session again on Friday to break above the $65 level. That is an area that of course will attract a certain amount of attention due to the fact that it was where we had melted down from previously, and now that we are above that level it is very likely that we will then go looking towards the $70 level. Short-term traders will continue to buy dips, but you need to be cautious about putting far too much into the market in one particular trade. We are in an uptrend, but if we were to turn around and give back the $60 level, the market is likely to break apart.

Crude Oil Video 08.03.21

Brent

Brent markets are pressing the $70 level during the trading session on Friday, as it is a large, round, psychologically significant figure, and an area where we have seen a lot of resistance at the past. Now that we have seen three strong days in a row it is possible, we could get a bit of a short-term pullback. The $65 level underneath will probably offer quite a bit of support. All things being equal, if we break above the $70 level the market is likely to go looking towards the $72.50 level after that. In general, the market is likely to see more of a “buy on the dips” type of situation, but at this point in time it is likely that we will see volatility more than anything else.

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