Crude Oil Price Forecast – Crude Oil Markets Rallied to Kickoff the Week

Crude Oil Prices Forecast Video for 28.03.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market, or US Oil market, has rallied a bit during the trading session on Monday as we continue to see a lot of volatility in this market, and it does look as if the market is trying to pick itself up from the lows. We are hanging around just above the $70 level, which of course is a minor psychological victory, but it’s worth noting that we have seen a couple of hammers recently, and that can be something that people hang onto.

Above, I see the 50-Day EMA as significant resistance, especially as it is near the $75 level. We recently broken down below the bottom of a consolidation area, so we may have to bounce enough to retest that area again. Previously, the $72.50 level was the bottom of that consolidation, so that could also be an area where we would see signs of trouble. If we do find exhaustion and start selling into, then we could retest the lows, as we keep in mind that oil is going to move with economic outlook expectations more than anything else.

Brent Crude Oil (UK) Technical Analysis

Brent has rallied during the trading session on Monday as well, breaking above the $75 level also. Brent has a little bit more runway to the upside than WTI does, so it could be a little bit more of an outperformer when it comes to crude oil, at least in the short term. The 50-Day EMA has just broken below the $81 level, so I do think that it is probably only a matter of time before we see that indicator get in the way of any shot higher. Signs of exhaustion will be selling opportunities from what I can tell, and I certainly agree with that as the US dollar has strengthened, and of course the global economy is starting to see signs of hesitation, and that of course will have a major influence on demand. Brent is especially sensitive to Europe and Asia, which of course both look as if they may be running into a bit of an issue.

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