Crude Oil Weekly Price Forecast – Crude Oil Continues to Pay Attention to The Range

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market initially fell rather significantly during the course of the trading week reaching down towards the $71.50 level before turning around and bouncing. Quite frankly, this is a market that I think is going to continue to be somewhat sideways overall. In fact, we’ve been in a range for two years now or close to it.

And therefore, I think this bounce makes sense. How much further can we go? Maybe we get to the $80 level, but anything above there, then the market starts to look a little heavy. There we are having serious questions about demand right now as CEOs in the United States continue to stress that travel demand is falling off of a cliff. However, there are a lot of geopolitical concerns that can elevate the price of oil at the same time.

Brent Crude Oil Weekly Technical Analysis

In the Brent market, we initially pulled back towards the $75 level and then bounced. At this point, we could get as high as $84 and really not change much. Underneath the $72.50 level is the floor in the market, and I think that’s something to pay close attention to.

I think it’s just like what we have seen during the previous year. I just think we’re bouncing around in a range without seemingly anywhere to be. OPEC has chosen recently to keep the flow of oil going, but keep in mind, they could cut back on production if oil prices start to slump too much.

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