Crude Oil Weekly Price Forecast – Crude Oil Markets Stabilize for the Week

Crude Oil Prices Forecast Video for 15.05.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market was very choppy during the week, banging around in a very tight range. We are sitting just below the 200-Week EMA, and therefore it makes a certain amount of sense that we would continue to see a little bit of trouble above. Ultimately, a lot of traders continue to pay close attention to the global economy, and whether or not they believe that the markets are going to demand more crude oil as there are a lot of questions about growth.

Because of this, I think it’s very likely that the market continues to go back and forth, as we see the uncertainty grow, and I do believe that the $82.50 level above is probably going to be the top of the range, perhaps the so-called “summer range.” Underneath, the $65 level is certainly going to be significant support.

Brent Crude Oil (UK) Weekly Technical Analysis

Brent has gone back and forth during the course of the trading week as well, sitting just below the 200-Week EMA also. Just as we see in the WTI grade, the market seems to be stuck in what could be a summer range, with the $70 level underneath offering significant support, and the $87.50 level above offering resistance. The previous week was a massive hammer, so I do think that we are trying to find enough stabilization to keep this market afloat. In general, I think you have a lot of noise ahead of you but it is very likely that we will see the market try to dig out some type of well-defined range that traders will be stuck in for a while, at least until we get a bit of a heads up as to where the economy is going.

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