Crude Oil Weekly Price Forecast – Crude Oil Markets Break Down

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen really hard during the course of the week, to slice through the psychologically important $80 level. Traders around the world continue to worry about the idea of global demand falling, which of course is a major problem. If that’s going to be the case, then it does make a certain amount of sense that we would have prices fall. At this point, it looks like WTI crude oil could really start to fall apart, perhaps reaching down to the 200-Week EMA.

Brent Crude Oil Weekly Technical Analysis

Brent has also fallen rather hard, as it looks like we are ready to slice through the $85 level. If we break down below there, then the $82.50 level would be the next target, perhaps opening up a move down to the $80 level. The market will continue to be very noisy, and even if we do get a bit of a rally from here, it’s possible that the market will simply sell the first signs of trouble.

After all, this is a market that continues to see a lot of demand destruction via a slowing economies, and I think we are on the precipice of making a bigger decision soon. As long as I’m going to be the case, we have to look at this through the prism of fading rallies.

Until there are stronger economic signs, it makes no sense that we would see oil rally as it is the “lifeblood” of the global economy. As things slow, demand drops, despite the fact that OPEC has cut 2 million barrels per day recently.

Crude Oil Prices Forecast Video for the Week of 21.11.22

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