Crude Oil Price Forecast – Crude Oil Markets Rally Into the Weekend

Crude Oil Prices Forecast Video for 02.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market continues to see plenty of buying during the trading session on Friday, as we continue to see a lot of demand out there and of course perhaps more importantly, a serious lack of supply. After the Americans have drained their Strategic Petroleum Reserve, it means that the US will eventually come into this market and support it. Furthermore, we also have massive production cuts coming out of Saudi Arabia and Russia, which obviously helps the entirety of the market as well. Finally, we also have inflation, which typically does help crude oil over the longer term. With this, I think we are setting up a move toward the $95 level, perhaps even higher than that.

Brent Crude Oil Technical Analysis

Brent markets also rallied a bit during the trading session on Friday, as it looks like we are trying to break above the $95 level. The $95 level is an area where you see a lot of resistance, and I think we will eventually break above there. If we can break above there, then it opens up a move to the $100 level. Underneath, the $90 level continues to offer a significant amount of support, and if we were to break down below there, then it’s likely that the market could go looking toward the 50-Day EMA.

Nonetheless, the market is bullish and therefore I don’t really have any interest in trying to short this market, and I am just waiting to see some type of value that I can pick up. Crude oil should continue to go much higher, and what I find interesting is that if the economic picture gets better, that will only drive oil higher as well. In other words, there is no real argument for oil to fall for a significant amount of time at this point. With this being the case, I think we’ve got a situation where we are going to continue to see plenty of opportunities, if you are patient enough. Position sizing could be crucial, but I plan on adding to my position every time this market rallies.

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