Crude Oil Weekly Price Forecast – Crude Markets Continue to Show Volatility

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially fell during the week but then turned around to show signs of life again. By the time we close down at the end of the week, we are threatening the $100 level. The market has been very noisy, to begin with, and therefore it’s likely that we continue to see a lot of chop and noise more than anything else. The $100 level has a certain amount of psychology attached to it, but you can clearly see that we had broken through a previous trendline.

That being said, if we were to break down below the $90 level, it’s likely that crude oil will drop rather significantly, perhaps reaching down to the $80 level next. This is all about global demand and supply as there are a lot of questions on both.

Crude Oil Prices Forecast Video for the Week of 01.08.22

Brent Crude Oil Weekly Technical Analysis

Brent markets pulled back just a bit to the $95 level before turning around and showing signs of strength during the week. The market has broken above the $105 level late on Friday, now it looks like we are trying to fight back. Whether or not we can continue to go higher is a bit difficult, and therefore we have to pay close attention to the previous uptrend line that we are now threatening.

There are a lot of concerns when it comes to global growth going forward, and that has a major influence on the markets. If there’s less growth, there’s going to be less demand. With the United States entering a recession, that also has a lot of negativity overhanging the market. On the other hand, OPEC does not look likely to increase production. Expect a lot of noisy behavior more than anything else.

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