Crude Oil Weekly Price Forecast – Crude Oil Markets Have Noisy Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the week, as we continue to look at the $75 level as an area of interest. The market has ended up forming a somewhat neutral candlestick, which should not be a huge surprise due to the fact that the OPEC+ members continue to struggle to come to some type of agreement for production for the rest of the year. With that being the case, the market has taken a bit of a breather, but it is still very much in an uptrend. To the downside, I think the $67.50 level is a significant support level.

WTI Oil Video 12.07.21

Brent

Brent markets also have gone back and forth during the course of the week, for the same reasons that we had seen in the WTI grade. The $75 level is an area of interest in this market, but it is clearly very bullish, and it appears that the $70 level should continue to be a significant support level. With that being the case, I think it is only a matter of time before buyers come back in, unless of course we somehow break down below the $70 level which opens up quite a bit of negative pressure. To the upside, if we can break above the top of the weekly candlestick, then it is likely that we go looking towards the $80 level next. Increasing demand continues to drive the markets higher, but just how much supply is going to be out there remains the question.

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