Crude Oil Price Forecast: Analyzing Upward Trends in the Market
Crude Oil Price Forecast: WTI Trends
The West Texas Intermediate crude oil market rallied a bit during the early hours on Monday to break above the $75 level. If we can break above there, then the market could go looking to the $77.50 level.
Pullback Indicators
- Expectations of short-term pullbacks nearing the $74 level.
- Strong market memory around the $71.50 level.
Crude Oil Price Forecast: Brent Insights
Brent markets are currently around the $79 level, and attempts to break out are evident. Short-term pullbacks present opportunities for buyers to acquire crude at favorable prices.
Support Levels
- $77 level as initial support.
- $75.50 level, where previous resistance was noted.
Market Influences
Geopolitical tensions in the Middle East and the emergence of a hurricane in the Gulf of Mexico are contributing to the bullish sentiment. These factors are likely to keep prices elevated due to potential supply constraints. Consequently, short-term pullbacks remain attractive buying opportunities.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.