Crude Oil Price Forecast – Crude Oil Continues to See Buyers

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has shown itself to be bullish again during the early hours on Tuesday as we continue to see a lot of upward pressure in general. Keep in mind that this is a market that has been very bullish and then spent some of its time going sideways and now it looks like we’re ready to continue to expand to the upside. Now keep in mind, this is a market that we’ll be dealing with Independence Day on Thursday. So how much further do we have to go in the short term? We just don’t know. I do think at this point in time, those short-term pullbacks are buying opportunities, especially closer to the $82 level.

Brent Crude Oil Technical Analysis

Brent markets are very similar at the moment with $86 underneath offering support, and I think that a pullback offers a nice buying opportunity. Brent markets also have to deal with the fact that it is summer, and then of course you have to worry about whether or not more demand will pick up. And generally speaking, that is going to be true this time of year.

There are plenty of geopolitical issues as well. And geopolitics dictates that we could get a disruption to oil flows and that of course is very bullish as well. In general, I like this market, I like buying dips, I think we will probably remain positive for some time as there are a multitude of reasons to think that supply could be an issue, as well as the demand by countries that are currently suffering from the inflationary pressures we have.

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