Crude Oil Weekly Price Forecast – crude oil markets continue bullish run
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WTI Crude Oil
The WTI Crude Oil market pierced the $70 level but gave back the gains towards the end of the week. There is still significant resistance closer to the $71 level, so at this point I think we will need to make some type of decision once we get there. One of the main problems with this market right now is US dollar strength and of course the negotiations between the United States and Canada, which are taking longer than most people thought. This makes the oil market a bit erratic, as Canada is such a huge producer of crude oil. However, looking at this chart it certainly looks as if there is an upward proclivity, so I think it’s only a matter of time before we do break out.
Brent
Brent markets struggled to break above the $78 level but did finish the week bullish. The market looks as if it is trying to reach towards the $79 level, and then by extension the $80 handle. The uptrend line underneath continues to support this market, and although things have been a bit choppy as of late, I do think that any significant pullback will more than likely attract buying pressure. After all, there is demand for oil out there, and if the US dollar can calm down that would help the situation greatly. In general, a break above the $80 level should send people looking towards the $85 level as this market is so technical. I have no interest in shorting, for me it’s only a matter of when can I buy?
WTI Video 03.09.18
This article was originally posted on FX Empire