Crude Oil Price Forecast – Crude Oil Markets Have Choppy Friday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday as we continue to worry about whether or not the global economy is going to slow down, or if a lack of supply can lift price. It seems as if there’s a bit of a floor near the $80 level, which is not a huge surprise considering that the Americans have publicly stated they are willing to buy it at that level. However, I think with all of the concern and fear out there, it makes quite a bit of sense that we would see this as a market that is more or less range bound in the short term.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the course of the trading session as well, as we are sitting just below the 50-Day EMA. The $90 level underneath is an area of significant support, and if we were to break down below there, we could see the Brent market fall harder. That being said, we also have the 200-Day EMA just above the $95 level, and breaking above that area opens up the possibility of a move to the $100 level.

Brent suffers from the same problems that WTI does, there is a lot of confusion about what comes next, as the world has to worry about global demand shrinking, but at the same time OPEC has been cutting production. All things being equal, I think we continue to see a lot of volatile and choppy sideways trading in the short term.

Crude Oil Prices Forecast Video for 24.10.22

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