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Crude Oil Weekly Price Forecast – Crude Oil Continues to Trade Back And Forth
Published: Nov 8, 2024, 16:39 GMT+00:00
The crude oil market continues to see a lot of noisy behavior over the course of the past week, as the market continues to see a volatile situation as far as supply and demand are concerned.
In this article:
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil Market was slightly positive for the week, but it did give back quite a bit of the initial gains. So, this tells me that we really aren’t ready to go in any particular direction. The market has been trading between the $65 level underneath and the $75 level above as resistance. All things being equal, this is a market that I think stays in this range because there are so many different things going on at the same time right now, I think a lot of traders just simply don’t know what to do.
The United States is going to start drilling more oil. That will put down their pressure, but at the same time, if the economy is going to start to pick up again, that’s going to drive out the supply-demand equation to favor more production anyway. So, I think you’ve got a situation where we just go as steady as she goes.
Brent Crude Oil Weekly Technical Analysis
The Brent market looks very much the same. We’re currently bouncing around between the $70 level on the bottom and the $80 level on the top. With this being the case, it’s likely that we will continue to see this $10 range play out because quite frankly, that is typical for crude oil to trade in a $10 range. So, with this being the case, I think you’ve got a situation where traders will continue to look at this through the prism of whether we are too expensive or too cheap in the slight range that we are carving out right now.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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