Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Drive Higher

Christopher Lewis
2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied initially during the course of the week but gave back some of the gains late in the week but at the end of the day we are still very likely to continue to see bullish pressure given enough time. The $70 level should be supportive and most certainly the $67.50 level will be as it is the top of the overall ascending triangle, and the measured move suggests that we could go looking towards the $77.50 level. I think we get there given enough time, but a short-term pullback might be in the cards as the US dollar has been acting out.

WTI Oil Video 21.06.21

Brent

Brent markets have also rallied a bit during the course of the week, reaching towards the $75 level. At this point time, the $75 level is of course a psychologically important figure, but based upon the measured move of the triangle, we should be looking at a move towards the $80 level. I think that any pullback that gets close to the $70 level will be bought into, and just like the West Texas Intermediate market, this may be more or less a function of the US dollar strengthening, thereby making less of those dollars buying a barrel. On the other hand, if we can break above the highs of this candlestick, then we should just start to inflate to the upside very rapidly. Nonetheless, I have no interest whatsoever in trying to short this market, it is far too bullish and of course demand should continue to pick up going forward.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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