Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Grind Slightly Higher

Crude Oil Prices Forecast Video for 24.07.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the week, as we continue to see a lot of questions asked about whether or not we have formed a bottom. It certainly looks as if we are trying, but I would like to see this market break above the 50-Week EMA to go higher, perhaps reaching the $80 level.

Underneath, if we were to break down below the 50-Week EMA, then it opens up a move down to the $70 level. We continue to question whether or not the global economy is going to slow down enough to drive down prices, or if OPEC cutting production is going to drive prices higher. I anticipate seeing a lot of noisy and choppy behavior.

Brent Crude Oil Weekly Technical Analysis

Brent markets have gone back and forth during the course of the trading week, as we continue to hover around the $80 level. The 50-Week EMA is currently hanging around the $83 level, while the 200-Week EMA sits near the $77 level. Just like the WTI grade, we are simply bouncing around and trying to sort out whether or not we can go higher. In general, I do think that we eventually break higher, as the market is at least trying to change the overall trend.

You can see that the market is currently testing what could be thought of as the top of the channel, so if we do finally break above the 50-Week EMA, then the market is likely to go higher, perhaps reaching toward the $100 level.

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