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Crude Oil Price Forecast – Crude Oil Markets Gap Higher on Monday

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Christopher Lewis
·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has gapped higher to kick off the trading session on Monday, to break above the $60 handle rather vehemently. However, we have turned around to form a bit of a shooting star, but this may not be as big of a surprise as one would think, mainly due to the fact that the Americans were celebrating Presidents’ Day. In that scenario, there would have been a serious lack of liquidity later in the day. At this point, it looks as if we may have a little bit of a pullback, but it is probably only a matter of time before the buyers come in to pick up anything remotely close to the idea of value. I would be especially interested in this market closer to the $57.50 level, but I recognize that the gap itself could have buyers jumping into the marketplace.

Crude Oil Video 16.02.21

Brent

As one would expect, Brent also gapped higher, reaching towards the $63.50 level before pulling back ever so slightly. The Brent market looks as if it is trying to get to the $65 level, and I do think that happens given enough time. In the meantime, short-term pullbacks probably come into play, as potential buying opportunities. The $62.50 level would be interesting, and most certainly the $60 level would be. The market continues to get a boost based upon the idea of stimulus driving up demand, and of course the possibility of a shrinking US dollar. Whether or not that is actually true is a completely different question but at this point it certainly looks as if the momentum is to the upside.

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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