Crude Oil Price Forecast – Crude Oil Continues to Find Support

WTI Crude Oil Technical Analysis

The crude oil market has pulled back a bit to kick off the Tuesday session in the West Texas Intermediate grade, but I still believe that this is a market that is very well supported. And I do think that it is probably only a matter of time before we see traders come back in and pick up cheap crude oil, as it were. Ultimately, I do think that seasonality continues to be a major issue. And of course, demand picking up in summer is something that we see almost every year.

With that being said, I look at the $80 level as your floor. And I do think that we will eventually try to get to the $82.50 level above. It might be noisy, but I think we will get there before it is all said and done.

Brent Crude Oil Technical Analysis

Brent markets look very much the same using the $84.50 level as support as we have broken out. And now we are retesting that previous resistance. All things being equal, this is a market that I do think is trying to get back to the $85.33 level. And once we break above there, it opens up a move to the $87.50 level.

Short-term pull banks continue to attract a lot of attention, and I do think that we are well supported down to at least the $84 level. Brent will also have a little bit more in the way of geopolitical pressures on it due to all of the combat in the Middle East and the potential for any flair up there, but all things being equal, it’s just a positive time of year for crude oil, and you have to keep that in the back of your mind. I have no interest in shorting either market at this juncture.

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