Oil Long Term Forecast for the Week of April 4, 2011

Oil Long Term Forecast for the Week of April 4, 2011

Light Sweet Crude

The CL has produced is showing major strength as we wind up the week with a test of the highs. Price is currently sitting right at those levels, and a move upward seems almost imminent. Support will be found at $100 and $97.50, as well as $102.50.

Brent

Much like the CL, the Brent contract has tested the highs this week and sits right at the top of the weekly range. A break higher would be likely as the pressure is certainly upward.  Support is at $112.50 and $118 should trigger fresh buying.

(Source: http://www.commoditiesmansion.com/commodities-analysis-video/oil-long-term-forecast-for-the-week-of-april-4-2011/)