Crude Oil Weekly Price Forecast – Crude Oil Markets Do Little for the Week

Crude Oil Prices Forecast Video for 23.01.23

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 had broken above a short-term trendline. Ultimately, when you look at the daily chart you can make an even more interesting argument as there is an inverted head and shoulders, but regardless, the market is not ready to go higher quite yet. In fact, we are sitting just above the 200-Week EMA and sitting just below the 50-Week EMA. This typically causes some type of squeeze given enough time.

At this juncture, it makes a certain amount of sense to think about whether or not there’s going to be enough global demand. That is a big issue as we are heading into a recession, and of course has caused a lot of this back-and-forth chopping.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have done very little during the trading week, and with the same reasons. After all, we are worried about the world economy, and of course the fact that China has seen a massive drop in exports to both the United States and the European Union. Ultimately, that suggests that the demand for crude will drop. However, if things start to turn around and start to stimulate the economy again, it probably will send oil higher as people start to look at the bubble markets again.

More likely than not, this is a market that’s going to continue to see a lot of back-and-forth chopping behavior, as we are in the midst of a major inflection point.

For a look at all of today’s economic events, check out our economic calendar.