Crude Oil Price Forecast – Crude Oil Markets Pull Back From Top of Range

Crude Oil Prices Forecast Video for 17.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market pulled back from the crucial $80 level during trading on Monday, but you should also keep in mind that it was Martin Luther King Jr. Day in the United States, cutting down on some of the participants, and of course hours that the market was traded. Because of this, you get a situation where we are trying to determine whether or not this consolidation area will hold. As things stand right now, I see no reason to think that it won’t. However, if we were to break above the $82 level, I will flip to being bullish.

Brent Crude Oil Technical Analysis

Brent markets also pulled back a bit during the trading session, as the $85 level looks to be offering a bit of a barrier. Because of this, it’s very possible that we can pullback into this area but Brent looks a little healthier than WTI. If we break above the $87.50 level, then I think we have a real shot at recovery. We will have to wait and see whether or not that actually happens, but I would not read too much into the Monday candlestick just because of the holiday.

I do believe that crude oil will continue to be very noisy, because right now everybody is worried about whether or not there is going to be enough global demand, as the world slows down. However, I believe that the “soft landing” narrative is starting to take hold of most markets. Whether or not that’s true remains to be seen.

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