Crude Oil Weekly Price Forecast – Crude Oil Has a Tough Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate crude oil market has shown itself to be very negative as we are threatening the $67 50 cents level, an area that of course is going to be very important to pay attention to. This is the beginning of massive support going back a couple of years, so I’m very cognizant of how important this area is.

The question now is whether or not value hunters will come back in and try to pick up WTI crude oil based on the idea that perhaps the central banks around the world cutting rates might spur demand. That being said, there’s also a lot of concerns about the global economy. And if it is in fact slowing down, crude oil demand will just plummet. In fact, crude oil is considered to be life’s blood of economic growth.

Brent Crude Oil Weekly Technical Analysis

In the Brent market is very much the same situation as we are hanging around the $70 level. And now I think it’s probably only a matter of time before we bounce from here, perhaps trying to get to the $72.50 level, perhaps even $75.

If we break down from here, I think you’ve got a lot of ugliness ahead of you. But I would also point out that both of these support levels in both the WTI crude oil market and the Brent market are spongy. They’re thick levels of support. So, I’m not quite ready to start shorting this market simply because I see that there’s about a two or maybe $3 range of potential supportive noise.

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