Crude Oil Weekly Price Forecast – Crude Oil Markets Give up Gains For The Week

Crude Oil Prices Forecast Video for 02-01-2024

WTI Crude Oil Weekly Technical Analysis

Looking at the crude oil market you can see we initially tried to rally in the WTI grade of crude oil, only to turn around and show signs of hesitation. By doing so, it looks like the market is going to continue to struggle. But I also think that we are in a bit of an accumulation phase. The $68 level underneath extends down to the $65 level as massive support.

I do think that pullbacks will be bought into eventually, and therefore I think this remains more or less a buy on the dips type of scenario. If we take out $75 to the upside on a weekly close, that would be extraordinarily positive.

Brent Crude Oil Technical Analysis

Brent markets are very much in the same situation, $80 being a major resistance barrier, $72 underneath being a major support level. We have seen a lot of the same movement as you would expect, and therefore I think that the Brent market will follow right along. That being said, the Brent market is a lot less influenced by the United States, so it’s more or less a reflection on Europe and Asia.

A shooting star for the week is not a huge surprise, as there had to have been a certain amount of profit taking by short sellers anyway, as it’s the end of the year. But I think in this area we’ve got some work to do. We’re probably going to consolidate more than anything else and try to build a base for a potential move to the upside. This can be a messy turn of events, but it does still look like a “buy on the dip” situation.

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