Crude oil markets exploded higher for the week

WTI crude oil

The West Texas Intermediate Crude Oil market rallied during the week to break above the $83 level. We are also well above the $80 level and breaking above this level during the week is a very bullish sign. At this point, the markets are more than likely to take a slight pullback, but this pullback should end up being a buying opportunity. After all, crude oil continues to strengthen due to omicron not being as serious as people had feared, and now it looks like OPEC+ is continuing to struggle to pump enough oil. In this case, whenever we get a slight pullback, it’s more than likely not going to be a great buying opportunity.

WTI Oil Video 17.01.22

Brent

Brent markets also moved higher, reaching the $86 level. We’re a bit overloaded at this point, so what I’m hoping to see is some sort of step back that I can take advantage of. I may have to wait for some value. The $80 level should be supportive, but if we make a new high, you can’t argue with that, and it’s likely that the market could rise to the $90 level above. In addition, you should also pay attention to the US dollar, because if it continues to fall, it is likely that oil will also continue to rise slightly because of it.