Crude Oil Weekly Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The West Texas Intermediate Crude Oil market pulled back during the week, reaching down towards the $35 level again. The $40 level above has been tagged, but we have not quite filled the gap. So, in this thinking, I believe that we will probably see a bit of a bounce, but it may simply be going back and forth in this range for a minute here. Having said that, if we were to break down below the $35 level, then I think we could unwind down to the $30 level. That is an area that will attract a lot of attention, and quite frankly right now I think we are trying to find some type of range from which to trade. We have broken down significantly, and then shot straight up. The market is looking for stability, and I think we are somewhere in that range right now.

WTI Oil Video 15.06.20

Brent

Brent markets pulled back a bit during the week as well, reaching down towards the $37 level. All things being equal, I think that the market is trying to find its footing over here as well, and now I think that the market is simply bouncing around where the gap was, and I think this is going to be an area of back-and-forth trading for the time being perhaps even finding a bit of a range in this area. Ultimately, I think we will get a lot of back-and-forth in this market as well. However, if we break down below the $35 level, then it is likely that the market goes looking towards the $30 level underneath.

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