Crude Oil Weekly Price Forecast – Crude Oil Markets Rally Into the Holidays

Crude Oil Prices Forecast Video for 26.12.22

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit against the grain during the week, testing the $80 level. The $80 level is a large, round, psychologically significant figure that a lot of people will be paying attention to. If we can break above the $80 level and stay there, then oil has a chance to continue going higher, perhaps reaching to the 50-Week EMA. That being said, the market is going to be focusing on the holidays and not so much oil at this point, so anything can happen. I would not get overly excited about any particular move.

Brent Crude Oil Weekly Technical Analysis

Brent has also rallied during the week, reaching toward the $85 level. $85 level is a large, round, psychologically significant figure and an area where we have seen resistance recently. Because of this, I would anticipate that the market will continue to see a little bit of trouble in this area, but this next week is between Christmas and New Year’s Day, so you can only read so much into it. The market has been very noisy over the last couple weeks, but it should be noted that traders right now seem to be focusing more on the global slowdown than anything else.

After all, less economic activity means that you will have less demand for crude oil. That being said, there are also concerns about the supply as well, so you could have a wild couple of weeks ahead of us once traders come back to work for January. A lot of noisy behavior continues to be the case, but this next week might be quiet.

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