Meanwhile, today at the time of writing, WTI crude oil marks exactly 77.78 dollars a barrel and natural gas changes hands at 2.8 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil may push further upwards if the increase in demand anticipated last week is sufficient to convince the market of a possible arrival at the $80 target.
Supporting the hypothesis of an increase in demand are OPEC and the US EIA, while the IEA remains more cautious in its short-term projections. Finally, the geopolitical factor cannot be set aside, between tensions and ceasefire negotiations in the Middle East.
Moving on to the technical front of our analysis, having given up the support of 78 dollars, we now identify the subsequent intermediate supports for the price of oil at 77.7, 77.2 and 76.5 dollars.
On the bullish side, the game remains open with the possibility of a rally towards the main resistance of $80 per barrel. Already today, any attempt to overcome the intermediate resistance of $78.5 should suggest the start of a bullish push probably sufficient to reach the main target mentioned above.
Once the rise has been marked to 80 dollars, however, we can expect a pause for reflection in which the price of crude oil will attempt to consolidate. All this, assuming that the bearish pressure disappears; otherwise, we could expect rapid retracements already at the threshold of $80 a barrel.
