Crude Oil Weekly Price Forecast – crude oil running out of momentum?

Crude oil markets have been on an absolute terror lately, but this past week have seemed to find a bit of resistance and perhaps have gotten a little ahead of themselves. At this point, I think that the market is probably due for a correction, but it should be just that: a correction. · FX Empire

Christopher Lewis

Updated Fri, Jul 6, 2018, 9:58 PM

WTI Crude Oil

The WTI Crude Oil market initially gaps lower at the open for the week, turned around to rally towards the $75 level, but found that area to be too expensive. We ran out of momentum, but that isn’t a huge surprise, especially considering that Independence Day was right in the middle of the week, keeping US traders on the sidelines. I think a pullback could come after the shooting star, but I think there’s also plenty of support below, certainly at the psychologically important $70 level, if not the $65 level below there.

Brent

Brent markets also fell a bit after initially gapping lower to open the week, and it looks likely that we will continue to pullback bit from here. I think that the $75 level could offer support, followed by the $73 level. Anticipate a lot of noise in this market, but quite frankly it is an uptrend, and $72 underneath seems to be a bit of a floor for the overall uptrend as we continue to see buyers jump into this market. It’s obvious that the $80 level will cause a significant amount of resistance, but now you should be able to find a decent price at lower levels that you can take advantage of and what has been a very strong uptrend. Disruptions in Venezuela, Libya, and of course I read will continue to cause problems in the oil markets.