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

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has shown itself to be somewhat bullish during the trading session on Friday after initially dipping a bit. That being said, a lot of this may be attributed to the stronger than anticipated jobs number, but I also believe that the cyclicality comes into play. Summertime is just typically a time of year where people demand more energy.

Therefore, I like the idea of buying dips in the West Texas Intermediate Crude Oil Market, as well as most other grades of oil. Ultimately, it looks like the $82 level is a bit of a floor in the market and I think that the $84 level is a bit of a ceiling. If we can break $84, then I believe the market continues to go higher.

Brent Crude Oil Technical Analysis

In the Brent market, we have seen much of the same type of action and in this particular set of circumstances, we are looking at the $87.50 level as a potential barrier to overcome. If we can break above there, then the market is likely to go look into the $90 level.

Underneath, I see a lot of support near the $86 level, and we have already seen it prove itself as being important. Brent, of course, also, much like WTI, will be sensitive to geopolitical issues, and there are plenty of them out there. So with that being said, this is a market that I am only a buyer of and not a seller of.

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