Crude Oil Weekly Price Forecast – crude oil recovers slightly during the week

Updated : Jul 28, 2018, 05:21 UTC•1min read

Crude oil markets recovered slightly during the week after a tough couple of weeks previously, as we are approaching a significant uptrend line. Ultimately, I think that markets are trying to figure out what to do next, but certainly should see support underneath.

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the week, reaching towards the $70 level before finding resistance. The market pulled back slightly, but at the end of the week, it does look as if we are trying to form a little bit of a basing pattern. The $67.50 level offer support, but then again so does the uptrend line. I believe that the market will eventually go higher, and if we can break above the $70 level it’s likely that we will go to the $75 level next. Alternately, if we break down below the uptrend line, then I think we go much lower.

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Brent

Brent markets have rallied during the week as well, reaching towards the $75 level, an area that has been important more than once. I think that if we can break above the $75 level, then the market could go higher to the $80 level. At this point, the uptrend line underneath will offer support as well, so if we were to break down below there, I think the market will probably test the $70 level next. If we break down below there, the markets will then go looking towards the $65 level. Ultimately, we are still in and uptrend line and it looks as if the US dollar may start to roll over again, and if it does it could drive the value of oil up just due to the currency fluctuation overall.