Crude Oil Price Forecast – Crude Continues to See Buyers

WTI Crude Oil Technical Analysis

The crude oil markets have kicked off the week rather positively with the West Texas Intermediate crude oil market trying to take out the highs of last week. That being said, I think there is a lack of concern about economic announcements at least over the next day or two, and therefore I think we will naturally try to drift a bit higher.

I don’t necessarily think that we are going to melt up, I just think that you’ve got a situation where we are in the midst of summer, and summer is typically a positive time of year for crude oil, and therefore I think a lot of people will assume that there is value to be had. If we can break above the $82.50 level in the West Texas Intermediate Crude Oil Market, then I think we could go looking to the $85 level.

Brent Crude Oil Technical Analysis

The Brent market also has rallied quite nicely and looks as if it is trying to get to the $86 level. Again, in this market, I believe that short-term pullbacks will continue to be buying opportunities that you should be paying attention to. And with that being said, I like the idea of finding value that offers itself on each and every pullback.

The $84 level underneath I think is massive support so I would be a bit surprised if we broke below it. Over the longer term I think that we could break out to the upside and go look into $90 but that’s probably a story over the next several weeks, not immediately. I like oil, I have no interest in shorting oil, I look at short-term pullbacks as opportunities.

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