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

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market rallied a bit during the early hours on Monday to break above the $75 level. And now it seems as if there is a little bit of a pushback. If we can break above there, then the market could go looking to the $77.50 level.

Short-term pullbacks at this point in time will more likely than not attract attention near the $74 level, possibly even all the way down to the $71.50 level, where we have previously seen a lot of resistance and therefore, I would expect to see quite a bit of market memory.

Brent Crude Oil Technical Analysis

Brent markets are hanging around the $79 level, and I do think that they are trying to break out as well. Short-term pullbacks offer the potential for buyers to get involved and pick up cheap oil. And I think in the Brent market, the $77 level offers support, followed by the $75.50 level, where we had previously seen resistance there as well. Keep in mind that the geopolitics around the world certainly favor oil, perhaps even other types of energy being elevated as so many troubles are found in the Middle East.

And then on top of that, we have a second hurricane blowing through the Gulf of Mexico, which could also put some pressure on this market as well to raise prices as maybe supply drops a bit. Regardless, short-term pullbacks, I think, are buying opportunities, and it’s probably worth noting that recently we have bounced from a two year low in the same range that we had been in for some time. So therefore, I am bullish.

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