Crude Oil Weekly Price Forecast – Crude Oil Has Another Consolidation Week

WTI Crude Oil

The West Texas Intermediate Crude Oil Market has rallied pretty significantly during the trading week, and as you can see, the $72.50 level continues to be a major barrier. The $72.50 level, of course, is an area that’s been tested multiple times and therefore, I think you’ve got to look at this through the prism of whether or not we can break above there, because if we do, it opens up the door to the West Texas Intermediate Crude Oil Market going to the $80 level. That being said, as strong as this candle is, we’ve seen this happen a couple of times already. So, you have to assume at least at this point that the consolidation continues.

Brent Crude Oil

Brent markets look very much the same and as you can see, the Brent market bouncing from the $70 level and closing towards the top of the candlestick is a bullish sign, but we’ve seen some noise right around $75 and it will take the market breaking above there to release Brent to go to the $80 level. Both Brent and West Texas Intermediate are sitting on pretty significant support levels.

So, I think it is worth paying close attention to the support that we’ve been dealing with over the last couple of months, which really go back a couple of years. Breaking through that would be catastrophic, but right now I don’t think that’s what’s happening. I think we’re trying to build a base and trying to convince ourselves to go higher. We just don’t have the catalyst yet.

For a look at all of today’s economic events, check out our economic calendar.