Crude Oil Price Forecast – Crude Oil Markets Continue to Look for the Bottom

Crude Oil Prices Forecast Video for 13.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been somewhat quiet during the trading session on Monday as we continue to see a lot of hesitation in this general vicinity. Crude oil continues to be a market that is getting hammered by demand destruction, and I think that continues. Rallies at this point will more likely than not be selling opportunities, especially near the 76 level. The 76 level has previously been supported, so it makes sense that a certain amount of “market memory” comes into the picture there.

Even if we were to break above there, then you have the 50-Day EMA which is just above the 80 handle and dropping significantly. Unless the demand starts to pick up around the world, it’s very likely that we continue to see more of a “fade the rally” market.

Brent Crude Oil Technical Analysis

Brent markets also look very stable at this point, hanging around the 76 level. If we can rally from here, then I believe the 80 handle comes into the picture as resistance, as the market is most likely going to continue to be very noisy, but also looking at the world through the prism of a lack of demand, which means that the Brent market will almost certainly continue to struggle as there should be no real economic growth going forward. If that’s going to be the case, then crude oil is going to suffer due to the fact that less is going to be needed for transportation and movement of goods. With that being the case, Brent still looks like it is going to struggle to go higher.

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