Crude Oil Price Forecast – Crude Oil Continues to Drift Lower

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Thursday as we continue to see a lot of noisy behavior. At this point, the market is likely to continue to see a lot of noisy behavior, but a lot of concerns about demand more than anything else. Because of this, I think it’s probably only a matter of time before you see the market break down even further. However, there is a significant support region just below, so a bounce is not totally out of the question. Above, the 50-Day EMA offers a significant amount of short-term resistance, and then you have longer-term resistance closer to the $92.50 level.

Brent Crude Oil Technical Analysis

Brent has also drifted lower and has a much more obvious support level at the $90 level. If we can break down below the $90 level, then it’s possible that we could go down to the $82.50 level. A short-term bounce is most certainly possible, but I think at this point you need to keep in mind that this is a situation where the market will continue to see a lot of concerns about demand.

Ultimately, demand falling is probably the worst thing that you can see in the markets, so it does tend to trump everything else. With this, I think it is likely going to continue to see rallies get faded, but if we did break out above the $100 level, then you would have to stand up and take notice. However, at this point in time it’s likely to continue being a bit difficult to get there, let alone above there.

Crude Oil Prices Forecast Video for 18.11.22

For a look at all of today’s economic events, check out our economic calendar.