Crude Oil Price Forecast – Crude Oil Markets Continue to Bounce Around in the Same Consolidation

Crude Oil Prices Forecast Video for 24.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday, as we continue to see a lot of noisy behavior. We are in a major consolidation area, with the $82.50 level offering a major selling situation, and of course the 200-Day EMA is starting a race towards that area. Underneath, we have the $72.50 level as support, and I think it holds for the time being.

Furthermore, the market is likely to see a lot of volatility as we are trying to figure out whether or not there is going to be enough momentum to break out of this box, and of course whether or not there is going to be enough industrial demand to drive prices higher. We are heading into a recession more likely than not, and therefore it keeps a bit of a lid on crude oil. It should be noted that WTI is the preferred grade in the United States, and the Strategic Petroleum Reserve needs to be refilled. I believe we continue to stay in the same noisy area.

Brent Crude Oil Technical Analysis

Brent markets have rallied again during the trading session on Thursday, as we have seen the $80 level offer support yet again, and therefore I think we’ve got a situation where we continue to see more chop than anything else, and Brent of course will continue to look at the overall situation when it comes to demand and of course supply. OPEC continues to see questions about pumping out more, and quite frankly as they are watching the world right now, they have to wonder whether or not the 2 million barrel cut did any good. After all, we are basically where we had started from after they announced that, and demand just has not picked up.

China is reopening, and that should help Brent in theory, but it just doesn’t seem to want to pick up off the floor. After all, the market is likely to continue to see a lot of lackluster range bound trading, which means that traders will use such indicators as the Stochastic Oscillator to give an idea of overbought and oversold conditions until something fundamentally changes.

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