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Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

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Christopher Lewis
·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market initially rallied during the trading session on Friday but did give back some of the gains later in the day. This is predicated upon stimulus, and of course the idea that we will continue to see stimulus coming out the United States and forcing the market higher. I do believe that ultimately this is a market that finds some sort of reason to rally, if not stimulus, then perhaps may be something going on in the US dollar. Nonetheless, we probably need to see some type of pullback to test for support underneath and perhaps more importantly, build up a bit of momentum to continue the move higher.

Crude Oil Video 08.02.21

Brent

Brent markets also rallied during the session but seem to be struggling with the $60 level. By doing so, that suggests that the market is going to respect the large, round, psychologically significant figure. It is also worth noting that the $60 level was a significant area that sold off quite drastically previously, as it kicked off the pandemic meltdown. I do not necessarily think that we see any type of huge push lower like that, but it is probably worth noting that the market is a bit stretched, and of course there will be a certain amount of “market memory” in that general vicinity. Because of this, I think what we are looking at is an opportunity to start selling given enough time, lease for the short term, and then picking up the crude oil market on the bounce. At the very least I believe that we need to see a bit of a reprieve.

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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