Crude Oil Weekly Price Forecast – Crude Oil Continues to Rally For The Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market has rallied a bit during the course of the trading week as we are breaking above the $83.53 level as I record this. That being said, this is a market that I think continues to rally based on the idea that it is summertime and of course, people will be looking at this through the prism of having more demand.

The jobs number came out hotter than anticipated, although just slightly, so that should continue to push demand for crude oil up right along with seasonal travel. That being said, I do believe that we may go look into the $85 level rather soon.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very much the same and I think it is heading to the $90 level. Short-term pullbacks are buying opportunities and I think that the shape of the candlestick tells you just how important things are right now to be looking at it through the prism of buying Brent. There are plenty of geopolitical issues out there and I think Brent will more likely than not be in the center of them.

But it’s also worth noting that we are in the midst of forming the fourth positive weekly candlestick in a row. So, we may be due for a little bit of a pullback. That should be thought of as a value. I have no interest in shorting crude oil. And I do think that we continue to see more upward pressure than down. So, look at each and every pullback as a potential opportunity. I have no interest in shorting, like I said, and really at this point in time, it would take something rather drastic to make me do that.

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