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Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Look Very Bullish

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WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be very bullish during the course of the week, as we have seen quite a bit of bullish pressure once we broke above the $80 level. At this juncture, it looks like the market is hell-bent on going to $85, perhaps even beyond that towards the $90 level. Short-term pullbacks at this point should continue to find plenty of buyers, especially near the $75 level. The $75 level has been significant resistance previously and should continue to be massive support due to “market memory.”

WTI Oil Video 18.10.21

Brent

Brent markets have shown strength as well, reaching towards the $85 level during the week. The market has pulled back just a bit from there, but at the end of the day it is still a market that is very bullish, and therefore I think any pullback at this point in time will be thought of as a value opportunity. I would anticipate that the $80 level underneath should offer plenty of support, as it is a large, round, psychologically significant figure and an area that will cause a lot of headlines.

Demand for crude oil continues to skyrocket, as supply simply does not keep up. Granted, it depends on which country you are talking about, but at the end of the day there is still a lot of demand for energy, and it is one of the hottest sectors that I follow. I have no interest whatsoever in trying to short this market anytime soon.

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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