Crude Oil Price Forecast – Crude Oil Markets Continue to Look for Directionality

Crude Oil Prices Forecast Video for 07.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done a little bit of supportive behavior during the trading session on Monday, but at this point in time it’s likely that we continue to see a lot of confusion in this market, as we had been in a nice trail, but then broke out of it through both sides. The question now is are we forming a rectangle? We probably are, but I also would point out that there is a lot of noise around the world right now and people do not know what to do with the idea of global growth and whether or not it’s going to be shrinking or growing. I think at this point you need to look at this as a range bound market between $72 and $82, quite loosely.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth as well, stabilizing just a bit during the trading session on Monday, it looks like the $80 level is trying to show signs of importance, so perhaps we bounce from here but it’s obvious that we have a lot of choppy and sideways action over the last couple of months. I don’t know if that changes easily, mainly due to the fact that we have seen so many questions asked about whether or not the economy around the world is going to pick up, or if it’s going to slow down. Keep in mind that oil is the lifeblood of economic activity, so it goes hand-in-hand with global GDP and other factors.

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