Crude Weekly Price Forecast – Crude Oil Continues to See Support

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market has rallied during the course of the week as we continue to see the area right around the $65 level as massive support. The $72.50 level above is an area that I think a lot of people will pay close attention to. If we can break above that, then the market is likely to go looking to the $80 level, which of course is a large round psychologically significant figure, and an area that I think that you would see a lot of options traded at. If we were to break down below the $65 level, that could be rather negative.

Brent Crude Oil Weekly Technical Analysis

The Brent market has bounced from the crucial $70 level and closed out the week. So obviously bullish is of course a very good look for this market. The $80 level above is a bit of a barrier. So, it’ll be interesting to see whether or not we can get to that area and perhaps more importantly break above it. Over the last couple of years, we have been bouncing around between $70 and $90 and bouncing from $70 does make a certain amount of sense, considering that it would be oversold as it were.

The questions now are about demand and of course supply as the war in Ukraine continues to make Russian oil a little difficult for some parts of the world to get their hands on. Nonetheless, this looks like a simple bounce from a support level that should continue to attract attention.

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