Crude Oil Price Forecast – Crude Oil Continues to See Positive Momentum

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has shown itself to be bullish for some time now. And in the early hours, the market looks very much like it’s going to try to grind to the upside, perhaps to the $83.75 level. But we should also keep in mind that the market is going to have to deal with a lack of liquidity on Thursday. And then again, it has to deal with the jobs number on Friday. So, we have a lot of noisy behavior.

So, with that being said, if market participants continue to see this as a situation where we buy on the dips, I think somewhere around $82.50 would be ideal. This is a market that, given enough time, could very well try to break out to the $85 level, possibly even as high as $90 during the course of the summer. After all, this is typically a very bullish time of year.

Brent Crude Oil Technical Analysis

So over in the Brent market, we have the same situation where we are buying pullbacks, and we are likely to continue to go higher. All things being equal, this is a market that given enough time, we’ll continue to see buyers going forward. And I do think $90 is on the menu.

With that being said, the market continues to see a lot of noise and I think the $85 level underneath is a pretty significant floor, assuming that we even get down there. Crude oil demand picks up during the summer and of course we have plenty of geopolitical issues out there that could drive Brent higher as well. I think the jobs number probably causes some noise, but any weakness is something that I’ll be buying into.

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