Crude Oil Weekly Price Forecast – Crude Oil Markets Have Another Tough Week

Crude Oil Prices Forecast Video for 11.12.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be very noisy during the course of the week, breaking through support and now looking very much like we are going to go lower. All things being equal, I think this is a situation where you will have to look at this through the prism of a market that is trying to plunge toward major support. All things being equal, I do think that the market is probably going to bounce around in this general vicinity. Furthermore, liquidity is going to dry up so I think that it is probably only a matter of time before the market goes sideways and quiet.

Brent Crude Oil Technical Analysis

Brent also has fallen rather significantly during the course of the week, and much like the WTI Crude Oil market, the reality is that we are now dropping down toward the major support level underneath, in this case the $72 level. In general, this is a market that I think allows for short-term trading, but it’s going to be difficult to hang onto a big position between now and the end of the year, or perhaps even try to get in ahead of the new year.

All things being equal, I think you have to be very cautious, and longer-term traders are probably just going to be sitting on the sidelines for the next couple of weeks anyway. Crude oil is trying to sort out whether or not we are going to go into a massive recession, which is going to be the big question of 2024 going forward.

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