Here is our updated Crude Oil price forecast for February 2021! In an astonishing turn of events, and despite prior expectations, the crude oil February price hit a 2.5-year high this week. WTI crude has been seeing gains all throughout last week – a 9% rise in total. And the bullish breakout in the WTI crude oil chart continues, as the price reaches a record high of $57.50 since January 2020.
What will this come to mean for the crude oil forecast today? Well, in terms of the immediate future of crude oil, February already has the nearest resistance level of $60 lined up – practically at arm’s length. However, in their crude oil forecast, analysts also allow the possibility for a slight pullback before the rally can continue. With that in mind, the current support level to watch is $54.64
Watch our full WTI crude oil price analysis to see where this current tendency may lead us in the weeks to come and how the WTI oil price will continue to develop. And drop us a line in the comment section below with your thoughts on our WTI crude oil forecast.
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