Crude Oil Weekly Price Forecast – Crude Oil Markets Take Off

Crude Oil Prices Forecast Video for 04.09.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the week, and currently is threatening the $85 level. A break above the $85 level almost certainly opens up and moved to the $90 level. With production from OPEC plunging, this is a very bullish turn of events for the crude oil market, which also got a boost on Friday due to the idea that perhaps inflation is pulling without wrecking the jobs market in the United States.

Regardless, it does look like we are going to go looking toward the $90 level where I would expect to see a lot of resistance. Underneath, have the 50-Week EMA near the $79 level that offers support. This is most certainly looking to be very much like a “buy on the dips” market.

Brent Crude Oil Weekly Technical Analysis

Brent markets have also rallied, taking off from the 50-Week EMA as well. However, it looks like we have broken through the barrier here and that Brent could lead the way toward the $90 level for both grades of crude oil. Much like its cousin in America, the Brent market is going to be more of a “buy on the dips” situation, and therefore I would anticipate plenty of value hunting in this market, and therefore I think it does continue to have upward momentum going forward. With this, the market is one that I have no interest in shorting, at least not until something changes.

However, keep in mind that the Labor Day weekend is approaching, and that means that the Monday session will be a holiday in the United States, taking a massive amount of liquidity out of what will be limited trading.

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