Crude Oil Price Forecast – crude oil markets rally significantly to kick off the week

WTI Crude Oil

The WTI Crude Oil market was up rather drastically during the day on Monday, reaching over 2% and gains as the OPEC ministers have chosen not to increase production, even though the Iranian sanctions are about to come into play. Because of this, the supply should tighten significantly, and that will drive up the value of black gold. However, you want to pay attention to the US dollar as well, because although it was somewhat soft on Monday, we saw a pretty significant turnaround. At this point, I think that you can expect a lot of volatility and although the obvious direction is to be buying, you should probably wait for some type of pullback to take advantage of value, I see a particularly interesting entry just above the $71 level if you get that opportunity.

Brent

Brent markets also rallied a bit during the trading session, reaching above the $80 level rather handily. That’s a good sign, but I also recognize that the $80.50 level is an area of concern. I think that if we can pull back to that level and find more support, it’s assigned that we will eventually go much higher. I like the idea of buying on dips, because although we have just cleared the psychologically and structurally important $80 level, retesting it and proving it to be important would of course be an excellent turn of events for the buyers. Ultimately, I think that the market will favor the upside, but again, I believe you should be looking for value.

Crude Oil Video 25.09.18