Crude Oil Price Forecast – Crude Oil Markets Pulled Back

Crude Oil Prices Forecast Video for 23.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be vulnerable during the trading session on Thursday, as we had reached the 50-Day EMA, but then pulled back to form a bit of a shooting star. At this point, the market is likely to continue to see a lot of noisy behavior, and of course downward pressure as we are trying to figure out whether or not there’s going to be enough demand. As we head into the holiday, it’s difficult to imagine a situation where you are going to be willing to hang on to crude oil positions. At this point, I think the rally has been a bit of profit-taking more than anything else.

Brent Crude Oil Technical Analysis

Brent markets also tried to rally during the trading session, but just like the WTI market, found sellers above to turn things around for a bit of a shooting star. At this point, it’s possible that Brent could drop to the $80 level, but keep in mind the lack of liquidity is going to continue to be an issue, therefore it’s very likely that we could see the markets drift around and look for some type of reason to move one way or the other.

I think at this point, we are probably going to see more lackluster range bound trading than anything else, because it’s difficult to imagine a scenario where somebody wants to go into the market heavily right before the Christmas holiday, and then of course next week will probably be rather quiet as well, considering that it is the week between Christmas and New Year’s Day.

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