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Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure the Upside

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·2 min read
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  • BNO
  • CL=F
  • GC=F
  • ZG=F
  • SI=F
  • ZI=F

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied again during the trading session on Monday, as we are trying to break above the $85 level. The $85 level has offered a significant amount of resistance lately, but at the end of the day, it is simply just a psychologically important number, and not necessarily anything more than that. If we can break above there, then the market is likely to go looking towards the $90 level, which is my longer-term thesis.

To the downside, the $80 level should continue to offer plenty of support, right along with the 50 day EMA and then the $75 level, which is the absolute “floor the market” from what I see right now. This is a market that has been very bullish for some time, and quite frankly OPEC is not willing to pump out more petroleum anyway.

Crude Oil Video 02.11.21

Brent

Brent markets have also tried to break out during the trading session on Monday, but the $85 level has offered resistance over in this market as well. That being said, the $87 level has been the most important resistance barrier as of late, so it is more than likely going to be retested again. Breaking above that level opens up the $90 level, and probably further than that as we continue to see tightening oil supply being a major issue. The US dollar starts to fall again, that will also make oil go much higher, as it is priced in that currency. With that being said, I do think that it is probably only a matter of time before we break out and therefore I look at short-term dips as buying opportunities.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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