Crude Oil Price Forecast – Crude Oil Markets Drift a Little Bit Lower on Thursday

Crude Oil Prices Forecast Video for 30.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has dropped a bit during the trading session on Thursday as we continue to see a general malaise in the markets, as people worry about the overall global demand going forward. After all, if the markets are going to price in the idea of a global slowdown, then oil markets will continue to struggle. If we break down from here, the $75 level would be a support level. On the other hand, if we turn around and break above the 50-Day EMA indicator to show signs of strength, we could go as high as $90. I don’t expect that, but it is a potential move that could happen.

Brent Crude Oil Technical Analysis

Brent markets were also a bit sluggish, as we continue to drop overall. We have been in a descending market for some time as we continue to price in the idea of a global slowdown, so at this point I think it’s probably only a matter of time before we test the $80 level over here. Just as in the WTI a market, if we were to break above the 50-Day EMA we could make a move all the way to the $90 level, but I’m not holding my breath for that right now.

It’s probably worth noting that volume is probably just about nonexistent at this point, as we are more worried about the holidays than trading. Because of this, a lack of liquidity could set up for a massive move out of the blue if news crosses the wires that upsets the balance.

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