Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Pressure Resistance

Crude Oil Prices Forecast Video for 18.09.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the course of the trading week, as OPEC continues to keep the supply of oil released into the world under control. That being said, we are now at the $90 region, and one would expect that there could be a little bit of psychological resistance. Nonetheless, this is a market that I think will continue to go higher, and then eventually go looking to the $100 level. Any pullback at this point in time will attract value hunters, and therefore I have no interest in shorting this market. If we can break above the $95 level, then we can look into the $100 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets also look very bullish, as they are now threatening the $95 level, and then possibly the $100 level. On a pullback, I would anticipate that the $90 level offers support, and regardless, both of these markets have not hit their targets based on the measured move of the flags, so therefore technicians will continue to look to the upside. Furthermore, Russia and Saudi Arabia are taking 1 million barrels worth of crude oil out of the markets until the end of the year and have reiterated the desire to do so. Simultaneously, the Strategic Petroleum Reserve needs to be replenished in America, so it’s a bit of a perfect storm.

At this point, crude oil will continue to squeeze higher, and therefore I look at every pullback as a potential buying opportunity in this market. Shorting this market isn’t even a thought at this point, and therefore I think it’s probably only a matter of time before you can find a bit of value.

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