Yes, WTI Crude Oil went into the weekend having achieved gains, but after hitting the near-term high water mark on Wednesday the commodity actually then traded within a tight price range testing support and also producing reversals higher. WTI Crude Oil has re-established a known range which it has tested quite steadily from a technical perspective since the 1^st of May. The Noise of Pundits and Non-Traders in WTI Crude OilAn inspection of news headlines covering the WTI Crude Oil market claimed that demand was escalating and was a factor in the price of the commodity. While demand is always a factor in WTI Crude Oil, the question must be asked if buyers had suddenly grown worried about a lack of supply. And the answer is no.Essentially WTI Crude Oil remains in a well-practiced price range and its inability to sustain prices above the 79.000 level in the middle of the week shows trading is acting in a known manner. The price range between 77.000 and 79.000 should be monitored in the coming days. Unless WTI Crude Oil suddenly jumps above the 80.000 mark and begins to challenge the 81.000 realms with price velocity and signs of not looking back, it is highly likely speculative traders will be able to wager on support and resistance levels which have been seen for the past month and a half. Breaking Resistance and the Move Higher Last WeekWhen the price of 76.000 was broken on last Monday and sustained, price velocity upwards hit a high of 78.200 later in the day. But before technical traders believe that is a sign that a sustained bullish run is going to suddenly dominate trading, it should be remembered a strong move upwards also occurred on Thursday the 6^th of June, this when the 75.000 price was demonstrated, returning the commodity back to known higher price elements.

 WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 76.100 to 80.200The ability of WTI Crude Oil to trade higher this week was a welcome development for short-term bulls who likely believed the commodity had been oversold in late May and early June. The price of the commodity has re-established a known mid-term price range, but still is resting within the lower depths of its three month charts. The current price levels of WTI Crude Oil are likely pleasing producers of the energy.Unless the 80.000 price is hit and maintained, speculators will continue to focus on the existing known range. There are certainly no guarantees, but WTI Crude Oil’s in ability to maintain the 79.000 level last week indicates sellers remain speculatively active in the commodity too. Unless there is a sudden news development from the Middle East which causes impetus for WTI Crude Oil it is likely the price range will remain calm.More By This Author:Forex Market SentimentUS Inflation Drops To 3.4% In April GBP/USD Analysis: Cautious Watching For BOE Decisions