Crude Oil Weekly Price Forecast – Crude Oil Markets Rally Slightly for the Week

Crude Oil Prices Forecast Video for 10.07.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading week, as week are sitting just below the 200-Week EMA, with the market hanging around in the same general vicinity as we continue to deal with the “summer range”, with the $65 level underneath offering support, and the $75 level above offering resistance.

All things being equal, it looks like we are stuck in a range, and I just don’t see how we break out anytime soon. However, if we were to break above the $75 level, then the market is likely to go looking to the $80 level next. On the other hand, if we turn around and fall from here, the $65 level is an area that I think a lot of people will look at through the prism of support. Breaking down below there could open up another flush lower.

Brent Crude Oil Weekly Technical Analysis

Brent has also gone back and forth during the trading week, showing signs of strength but has pulled back just a bit from the 200-Week EMA. Brent is currently stuck between the $70 level underneath, and the $80 level above. Ultimately, we are sitting just above the midpoint, and therefore I think you continue to look at this through the prism of trying to play a $10 range, and therefore we have to see whether or not we can break out of this range, which is typical for this time of year.

Furthermore, you have to keep in mind that although OPEC is continuing to cut production, as long as there are concerns about the overall global economy, crude oil is going to struggle to make bigger moves to the upside.

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