Crude Oil Price Forecast – Crude Oil Plunges Again
Crude Oil Prices Forecast Video for 24.11.22
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has plummeted during the trading session on Wednesday, as we continue to see a lack of demand really start to weight upon the crude oil market. There was the initial report a couple of days ago that OPEC was going to increase production by 500,000 barrels, but Saudi Arabia quickly squashed that idea. This caused a bit of a bounce in crude oil to make it go above $80 again. However, traders have started to focus on that lack of demand again, and if we break down below the bottom of the candle from Monday, that could send this market much lower.
Keep in mind that Thursday is Thanksgiving in the United States, so therefore electronic trading will be thin, and of course hours may be adversely affected.
Brent Crude Oil Technical Analysis
Brent markets have fallen as well, moving in tandem with the WTI market. Ultimately, this market looks as if it is trying to test the hammer from a couple of days ago as well, and if it breaks down below there, Brent will fall right along with WTI. On the upside, if we can break above the hights of the last couple of days it’s possible that we could send this market looking to the $90 level, possibly the 50 day EMA.
That being said, a lack of demand seems to be a major concern for traders around the world as it seems like we are heading into a global recession, which is toxic for oil pricing. If the US dollar starts to strengthen even further, that will only add to the cycle of misery.
For a look at all of today’s economic events, check out our economic calendar.