Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Consolidate Even Longer

Crude Oil Prices Forecast Video for 06.03.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading week, as we continue to consolidate in the same region. It’s worth noting that the 200-Week EMA is sitting right around the $73 level, while the 50-Week EMA is sitting below the $85 level. We have been going back and forth during the last couple of months, and I think that continues to be the case going forward. If we can break down below the 50-Week EMA, then it’s possible that WTI could reach the $95 level. However, if we were to break down below the 50-Week EMA, then it’s possible that we could drop to the $70 level rather quickly.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied as well, as we continue to see a lot of back-and-forth noise, and therefore I think we have to look at this through the prism of consolidation more than anything else. The $90 level should offer significant resistance, and if we could break above there, then it’s likely that we could go looking to the $100 level. Underneath, we have the 200-Week EMA sitting right around the $77.50 level, and if we break down below there it could send this market down to the $70 level.

Keep in mind that global demand seems to be struggling, and therefore you need to look at this through the prism of whether or not the economy is going to pick up. If it does, then obviously oil goes higher. That being said, it’s more likely that we would see a significant breakout as the beginning of a new bull market.

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