Crude Oil Weekly Price Forecast – Crude Oil Markets Continue Noisy Behavior

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has spent the entire week in the same range that we have been in for over a month. This is because everybody is waiting on one thing or another. There are questions about whether or not the Iranians are going to be able to produce oil and sell it into the market, while at the same time there are a lot of people going on about OPEC and whether or not they are going to cut production. That obviously would have a major influence on what happens next, but at this point in time, I think the only thing you can do is wait for an impulsive candlestick. Frankly, this market looks like it has nowhere to be.

Brent Crude Oil Weekly Technical Analysis

Brent markets are also essentially killing time as well, and I don’t necessarily think that there’s any sign of a catalyst in the short term. That being said, if we were to break down below the $90 level, then this market could unravel rather quickly. To the upside, we would need to break the highs of the last couple of months in order to get serious, and at this point in time I don’t think were that serious.

This is a market that is trying to figure out what random people around the world are going to do, most of which are not that mentally stable. Because of this, I think you have to wait for an impulsive candlestick and for the market to show exactly what it’s going to do before you put any money to work. In the meantime, you are more likely than not going to have short-term erratic movement.

Crude Oil Prices Forecast Video for the Week of 05.09.22

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