Crude Oil Weekly Price Forecast – Crude oil markets rally for the week

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the week initially, but then rallied again towards the $60 level. At this point, it looks as if we are going to try to break out above there, perhaps reaching towards the $63 level above. This is a market that is relying on tensions between the Americans and the Iranians, which don’t seem to be going anywhere. If that’s going to be the case, it’s very likely that buyers will return. However, don’t be surprised at all to see if we get some type of short-term pullback in order to build up the momentum necessary to continue going higher. To the downside, the $55 level should be massive support, and therefore I do not think that it’s going to break down below there, at least not this week without some type of major change in the US/Iran situation.

WTI Video 01.07.19

Brent

Brent markets also tried to pull back initially during the week but turned around of form a bit of a hammer. If we can break above the top of the hammer, then it should send this market towards the $70 level. However, break down below the bottom of the weekly candle stick could send it all the way back down to $60 given enough time. In fact, I feel that the Brent market is probably going to be a bit of a “canary in the coal mine” when it comes to most oil markets.

Please let us know what you think in the comments below