Crude Oil Price Forecast – Crude Oil Markets Get Boost From Inventory Figures
WTI Crude Oil
The West Texas Intermediate Crude Oil market has shown itself to be rather strong yet again during the trading session, after initially selling off. We got somewhat close to the $80.75 level before turning around rapidly as the inventory numbers in America suggests that demand is starting to pick up quite drastically. By doing so, this is a nice turn around that the market is going to be paying close attention to and it certainly looks as if the WTI market is ready to go looking towards the $85 level somewhat soon. Pullbacks continue to be buying opportunities, and that of course has not changed after this latest round of fundamental news.
Crude Oil Video 21.10.21
Brent
Brent markets are obviously going to do the same thing on that news, so it is not a huge surprise to see that we are back above the $85 level at the time of writing. By breaking above the $85 level, it does suggest that we have further to go to the upside, but at this point in time I think it is worth noting that every time we dip, there have been more than enough buyers to pick this market up. I think the “floor the market” is closer to the $80 level, so as long as we stay above there the trend is intact. I still believe that this market goes looking towards $90 level over the next several weeks, although the trajectory of this market has been somewhat parabolic, and we may have to do a little bit of work to digest the gains that we have seen over the last couple of months.
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This article was originally posted on FX Empire
