Crude Oil Price Forecast – Crude Oil Continues to Look Supported

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market initially pulled back a bit during the trading session on Monday but then turned around to show signs of life near the $81.50 level. At this point I do think that we will try to get back toward the $84 level, but we’ll have to wait and see whether or not we can break above there. If we can break above there then we could go looking to the $85 level. All things being equal, this is a market that I think continues to be noisy, but it does make a lot of sense that the crude oil market is trying to digest some of the recent gains.

Brent Crude Oil Technical Analysis

As I look at the Brent market, I noticed that the $85 level has offered support and we have turned around from there. I do think eventually we will go higher. Ultimately, the Brent market is going to follow right along with the WTI crude oil market. And therefore, it’s a matter of just trying to chase any momentum that we get. Keep in mind this time of year is typically very positive for crude oil anyway.

So, I think it all ties together quite nicely. We certainly have enough geopolitical concerns out there to keep oil somewhat elevated. And of course, travel still seems to be a major thing out there. So that of course has traders out there suspecting that we are going to have more demand. I have no interest in shorting crude oil anytime soon. And I do think that we will continue to rise throughout the remainder of the summer.

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