Crude Oil Weekly Price Forecast – Crude oil markets slightly better this week

Updated : May 17, 2019, 17:42 UTC•1min read

Crude oil markets had a slightly better week over the last five trading sessions, as we continue to see a lot of volatility in the world’s financial markets. Obviously, crude oil is highly influenced by what’s going on in other markets as it represents global growth.

WTI Crude Oil

The WTI Crude Oil market has formed a green candle for the week, which of course is a good sign after forming a relatively neutral candle stick for the previous week. We did see massive resistance at $63.66 during the day, but quite frankly this pullback will more than likely only attract more buying. If we can break above that level then I think the market goes looking towards the $65 handle. That is an area that being broken above could send this market much higher, perhaps the $70 level.

Crude Oil Inventories Video 20.05.19

Brent

Brent markets went back and forth in the week as well, hanging on to the $70 level as support and showing that the uptrend line is still crucial. The fact that it is a green candle of course helps, so therefore we should continue to see buyers come back into the marketplace. I think that short-term dips offer value, and I do think that eventually this market may try to test the $75 level. However, if we were to break down below the $69 level that could unleash more selling, as the market would probably be somewhat tenuous at that point.

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Overall, I think that a lot of this comes down to the US/China trade relations, and all of the mess and noise that is accompanying that. All things being equal though, there is enough tension in the Middle East to perhaps levitate this market as well.

Please let us know what you think in the comments below

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