Crude Oil Price Forecast – Crude Oil Continues to Hesitate

Christopher Lewis
Published: Feb 1, 2023, 15:58 UTC

Crude oil markets have hesitated to make any type of move during the trading session on Wednesday as we are waiting for some type of clarity on economic growth.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 02.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be rather stagnant during the trading session on Wednesday as we continue to try to figure out what we are going to do with the energy picture. After all, we have to worry about whether or not there is going to be enough demand in what is a very tight monetary policy type of situation. With that being the case, I suspect that it is probably only a matter of time before we have to make a bigger move. As things stand right now, this is a very neutral market and it just does not seem like it wants to make any real decisions. With this, look for an impulsive candlestick but right now I think we are range bound.

Brent Crude Oil Technical Analysis

Brent markets also have been very quiet as we continue to hang around the 50 day EMA, this is a sign of hesitation, and it does make a certain amount of sense that we would wait for the FOMC, and of course the jobs number coming out on Friday to make decisions about potential demand for energy. In this environment, I believe that this is a situation where we have inertia building up, and we will eventually get a large candlestick to tell us which direction we are heading. Right now, I think we are still trying to sort all of that out and it’s important to let the market tell you which direction once the cow. If we break down below the hammer of the previous session, that suggests to me that Brent is trying to get to the $80 level where I would expect to see a bit of support.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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