Crude Weekly Price Outlook – Crude Oil Continues to See Support

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market had a positive week again, as it looks like we are in the midst of trying to form some type of basing pattern. With that being the case, I think you have to understand that this is a market that is in the process of trying to determine whether or not loose monetary policy out of several central banks will boost energy demand. It’s also worth noting that the $65 underneath has been massive support for several years. So, I think we have a situation where if we can break above the $72.50 level, WTI crude oil will go much higher. I don’t expect it to be something that happens immediately, but I do think it happens in 2025.

Brent Crude Oil Weekly Technical Analysis

The Brent market, of course, has been back and forth for weeks. We continue to see a lot of noisy behavior, but the $70 level has held true as massive support over the last couple of years, and I think it should continue to. Breaking above, $76 opens up in an attempt at the $80 level and I suspect that the Brent market may lag the WTI market a bit just because the WTI market is typically American driven. So maybe America drags everybody else right along with it as growth in America is still extraordinarily strong and the idea being of course the world’s biggest shopping economy starts buying everybody else’s things, and they need to transport those things so therefore oil should get a bit of a boost.

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