Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Look Bullish

Crude Oil Prices Forecast Video for 11.09.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat bullish again during this week, as it looks like we are heading toward the $90 level. The $90 level is of course a large, round, psychologically significant figure, and an area that people will be paying close attention to. If we can break above there, then the market is likely to continue going much higher, perhaps reaching the $100 level over the longer term. At this point, it looks like every time we pull back, buyers should be willing to step in and take advantage of cheap oil. The 50-Week EMA sits just below the $80 level, and the bullish flag that we broke out of is right around there as well. With this, I think you’ve got a nice floor from which to trade.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have rallied during the course of the week, and cleared the $90 level. At this point, Brent is very likely to go looking toward the $100 level, which is an area where we have seen a lot of noise in the past. Short-term pullbacks continue to offer value that a lot of people will be paying attention to, therefore I think it’s very likely that the market will have to really see a major shift in attitude for any type of bearish position to be put on.

The 50-Week EMA sits just below the $84 level, and therefore I think at this point it’s likely that we will continue to see that as a “floor in the market, therefore I think we get a situation where the market participants will continue to push Brent higher as Saudi Arabia and Russia continue to cut production, thereby putting the supply/demand situation in jeopardy.

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