Crude Oil Price Forecast February 2, 2018, Technical Analysis

Updated : Feb 2, 2018, 04:50 UTC•1min read

oil

Crude oil markets rally during the trading session on Thursday, as we await the jobs number today. Crude oil markets are heavily influenced by the jobs number, so it is likely that we will see a bit of volatility. Going forward, I anticipate that we will continue to see buying

WTI Crude Oil

The WTI Crude Oil market rallied on Thursday, breaking above the $65 level. It looks as if the buyers are trying to make a stand here, and that we are trying to go towards the highs yet again. Longer-term, I believe that the $66.50 level should be a target. I think that the market will try to break above there, and when it does it’s likely that we will go to the $67.50 level next. I also recognize that there is a massive amount of support below near the $64 level, but again – with the jobs number coming out of America, the volatility in the US dollar could make it difficult to trade today.

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Brent

Brent markets also rallied, reaching towards the $69.50 level. The $70 level above is a target, and I think breaking to the upside certainly puts a lot of bearish pressure to bed. The $70 level is a large, round, psychologically significant number so it would not surprise me at all if it took a couple of attempts to break above it. Once we do, the market should go to the $71 level. The US dollar course will be moving due to that jobs number, so expect volatility during the day but in the end, it shouldn’t affect the overall trend too much, as eventually fundamentals come back into play.