Crude Oil Price Forecast – Crude Oil Markets Continue to Stagnate

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market was rather quiet during trading on Wednesday as we continue to see a lot of stagnation around the world. At this point, people are focusing on the fact that there is going to be a global slowdown, and therefore it just does not act very conducive lead to higher prices in energy. With this, we are getting extremely sold off, so I would expect a short-term bounce. The $80 level underneath should offer a certain amount of support, and at this point in time I’m looking for it to show up later this week. However, if we break down below the $80 level, that could have the market going back to the lows.

Brent Crude Oil Technical Analysis

Brent markets also have done very little during the trading session on Wednesday, as we are hanging out just above the previous downtrend line from the top of the channel. At this point, the 50-Day EMA sits just above, right along with the 200-Day EMA above there. I do think that it is probably only a matter of time before the sellers come in and squash any type rally, but if we were to break above the 200-Day EMA, they could open up the door to a $100 reading, possibly even higher than that.

All things being equal, this is a market that will continue to move right along with expectations of global growth, which right now quite frankly are not that good. The one thing that is working in its favor is the fact that OPEC is cutting production in order to try to boost prices.

Crude Oil Prices Forecast Video for 20.10.22

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