Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Make Bullish Case

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back during the trading week but has found plenty of buyers yet again. At this point, the market looks as if it is ready to continue the same behavior, as we have seen a lot of back and forth, but it seems as if the buyers are becoming a bit more aggressive. With this being the case, the market is likely to continue to see the possibility of higher pressure trading, as we are looking at the possibility of a supply crunch in the crude oil markets. If we can break above the $100 level, this market could really start to take off.

Brent Crude Oil Weekly Technical Analysis

Brent markets have initially plunged to kick off the week but found support just above the $90 level to show signs of life again. At this point, the market looks as if it is trying to get to the $100 level. If we can break above there, Brent would probably go looking for the $105 level rather quickly. Keep in mind that Brent has been a bit of a leader when it comes to these 2 markets, so pay close attention to what’s going on over here, it can give you a bit of a “heads up” as to what’s going on over in the WTI grade. Either way, it looks as if we are starting to see oil reassert itself, and therefore it’s likely that prices will be going higher in the intermediate to median term. Having said that, if we were to turn around and break down below $85, that could reverse the whole thing.

Crude Oil Prices Forecast Video for the Week of 07.11.22

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