Crude Oil Weekly Price Forecast – Crude Oil Continues to Consolidate

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market initially did rally during the trading week, but it’s given back those gains to show signs of hesitation. Ultimately, this is a market that I think you have to look at through the prism of whether or not the range is going to be broken. And right now, I don’t really see anything that’s telling me that this market’s going to be any different than it’s been all year, and that’s sideways.

The market, of course, has to worry about geopolitics, and that, of course, is an issue that is going nowhere right now. With this being the case, I think you’ve got a scenario where the $80 level above is your ceiling, and the $71.50 level begins a massive support barrier that extends all the way down to the $67.50 level.

Brent Crude Oil Weekly Technical Analysis

Over here in the Brent market, it’s very much the same scenario where we have the $72.50 level offering support and $90 above offering resistance. Again, we’re going to have to keep in mind that there are wars all over the place right now, and that of course causes major issues with oil. But at the same time, we have to worry about whether or not there’s going to be enough demand.

After all, it looks like the global economy is slowing down. And if that’s the case, obviously that’s going to have a negative influence on pricing. I think the markets are just stuck. They’ve been for almost 18 months now, and there’s really nothing out there to change what has been a noisy but ultimately sideways market.

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