Here is our updated crude oil price forecast for May 2021! Crude oil in May has been rising continuously but it appears that WTI has now stalled at key resistance levels.
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The crude oil May price is now 17% higher than its March lows after its three-week rally. But WTI crude has now been capped by the technical resistance zone between 65.92 and 66.26.
This area has been on analysts’ radars for months now and it’s a very significant one for the further crude oil forecast. Today we’ll be keeping a close eye on how the price behaves in relation to this resistance zone, as a successful breach above it could mean a rise to the yearly high in the short-term crude oil forecast.
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 crude 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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