Crude Oil Weekly Price Forecast – Crude Oil Continues to Grind Higher

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market rallied again during the course of the week as we continue to bounce from a swing low. All things being equal, this is a market that I think continues to see a little bit of upside pressure. But I don’t necessarily think that it is a massive momentum shift. I think this is more or less a grind, as short term pullbacks, of course, offer value. And I think that’s how people will look at the WTI crude oil market with an eye on perhaps trying to capture $85 next.

Brent Crude Oil Weekly Technical Analysis

Looking at the Brent market, it is very similar. And I think we’re trying to get to the $90 level, but that doesn’t necessarily mean that it will be easy or that it will be quick. This is summertime trading. It generally favors higher pricing in oil, but it doesn’t necessarily mean that we have a lot of volatility. It’s more or less just a gentle grind higher. I don’t know whether or not we can break above $90 in Brent, but if we do, then it opens up the possibility of $92.50.

Short-term pullbacks continue to be buying opportunities from what I can see in Brent markets as well. And never forget that there is plenty of geopolitical concern out there that could come into the picture and cause a bit of chaos as well, as there is conflict in the Middle East and the very real possibility of it widening out a bit. So, with that being said, keep an eye on the oil market. I am positive and bullish on oil, but I don’t necessarily think that we are in the midst of some type of explosive movement.

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