U.S. Markets open in 4 hrs 29 mins
  • S&P Futures

    3,852.00
    +7.00 (+0.18%)
     
  • Dow Futures

    31,119.00
    +23.00 (+0.07%)
     
  • Nasdaq Futures

    13,352.00
    +57.75 (+0.43%)
     
  • Russell 2000 Futures

    2,157.90
    +0.20 (+0.01%)
     
  • Crude Oil

    52.85
    -0.46 (-0.86%)
     
  • Gold

    1,869.80
    +3.30 (+0.18%)
     
  • Silver

    25.97
    +0.20 (+0.77%)
     
  • EUR/USD

    1.2145
    +0.0029 (+0.2429%)
     
  • 10-Yr Bond

    1.0900
    0.0000 (0.00%)
     
  • Vix

    21.43
    -1.81 (-7.79%)
     
  • GBP/USD

    1.3734
    +0.0079 (+0.5796%)
     
  • USD/JPY

    103.4180
    -0.1520 (-0.1468%)
     
  • BTC-USD

    32,976.48
    -525.61 (-1.57%)
     
  • CMC Crypto 200

    654.87
    -25.03 (-3.68%)
     
  • FTSE 100

    6,747.84
    +7.45 (+0.11%)
     
  • Nikkei 225

    28,756.86
    +233.60 (+0.82%)
     

Crude Oil Weekly Price Forecast – Crude Oil Markets Break Out

Christopher Lewis
·2 min read

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be very strong, breaking above the $50 level, and then reaching above the 200 week EMA. Ultimately, the market is looking very strong, and I believe at this point time we are likely to go higher over the longer term, and I think that short-term pullbacks will continue to be buying opportunities. At this point in time, the market is likely to see a lot of noise underneath, and then I think we could go looking towards the $55 level.

WTI Oil Video 11.01.21

Brent

Brent markets have also rallied significantly during the course of the week as well, breaking above the $53.25 level which was significant resistance previously, and now it looks like we are likely to continue seeing a move towards the $55 level, possibly even the $60 level. At this point in time, I think that short-term pullbacks will continue to be bought into, and therefore I think it is only a matter of time before we reach towards more resilient areas above.

Do not be wrong, I have a hard time believing that Brent is going to continue to go to the moon, but I think a move towards the $55 level is the initial move, and then I think somewhere around the $60 level things get a little bit overextended. To the downside, I believe that a break down below the $47 level could open up a move down to the $45 level. Reflation tends to be the word I hear more and more, and therefore I think that what we are seeing here.

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

This article was originally posted on FX Empire

More From FXEMPIRE: