Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Stabilize

Crude Oil Prices Forecast Video for 22.05.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has found a little bit of stabilization during the past couple of weeks. That being said, there are a lot of concerns when it comes to global growth and the possibility of a lack of demand. With this, I do think that oil will continue to be a little bit noisy as we try to figure out what to do with ourselves. If we can break above the $75 level, then it’s possible that we could see the market go looking to the 50-Week EMA, which is closer to the $81 level.

I do think that the market is going to continue to see a lot of noisy behavior as we head into the summer, but that’s probably to be expected as summertime trading typically involves a range. That being said, it does look like we are trying to figure out where we are going next, so expect a lot of indecision.

Brent Crude Oil Weekly Technical Analysis

Brent of course looks very much the same, and therefore it does make a certain amount of sense that the market will continue to press against the 200-EMA at the $77.50 level. If we can break above that level, then it’s possible that we could go looking toward the $85 level. Underneath, the $70 level could offer a bit of support, so I think we are still in a range over here as well.

Subsequently, I think markets this summer are going to be about trading back and forth, as crude oil continues to be a market that is trying to figure out whether or not there is going to be enough demand, or if the global slowdown is going to continue to have negative pressure on the market.

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