Crude Oil Weekly Price Forecast – Crude Oil Markets Gap Higher

Crude Oil Prices Forecast Video for 10.04.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market gap was at the open on Monday, slamming into the 50-Week EMA and of course the top of the range that we had been in, as the market had been consolidating until this happened. That being said, it’ll be interesting to see how this plays out due to the fact that most of the time OPEC chooses the cut production, and 3 months later price of oil is lower. If you think about it, it does make a certain amount of sense because why would OPEC cut? The main reason of course is a lack of demand.

With that being said, there is the possibility that we fall below the bottom of this past week, and go looking to fill the gap underneath. That typically happens in futures markets, so it would not be surprising at all. On the other hand, if we break above the 50-Week EMA, we could find this market going to the $92.50 level.

Brent Crude Oil Weekly Technical Analysis

Brent markets also gapped to kick off the trading week, testing the $85 region. Just as the WTI Crude Oil market did, we gapped right away and then did almost nothing. It’s probably worth noting that we are closed on Friday due to Good Friday holiday celebrations, so this was just four sessions. That being said, I do think that if we break down below the bottom of the candlestick for the week, we probably go looking to fill the gap. On the other hand, if we break above the $90 level, then it’s very likely that Brent will take off to the upside, perhaps trying to reach the $95 level before it is all said and done.

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