Crude Oil Weekly Price Analysis – Oil Continues to Search for Stability

WTI Crude Oil Weekly Technical Analysis

The light sweet crude oil market has been all over the place yet again during the week, but I would point out that the range has been drifting a little bit tighter and that shows that perhaps we are getting a little bit closer to at least the idea of normalcy. The light sweet crude oil, of course, is more of a US-based product, so it does have a little bit of insulation from the Middle East, other than the idea that other countries will be trying to get the Americans to export to them. So, it does drive prices up but it’s not quite as sensitive as Brent will be.

That being said, it looks like the $100 level is an area where once we get above it, people start to look to short. $90 looks like support.

If this trajectory continues, that might be the overall look on the market. We’re just bouncing between $100 and $90 but we’ve got a way to go before we settle into that. A lot of back-and-forth trading would be expected going forward.

Brent Crude Oil Weekly Technical Analysis

Brent markets look very much the same in the sense that the $110 level seems to be massive resistance, and the $95 level seems to be massive support. We are actually a bit negative as we are coming towards the end of the week, so that’s somewhat interesting, but it’s also worth noting we’re still very much in the range.

So, I think you’re just going to see the same thing over here, where the range compresses a bit, and we get back to a little bit of normalcy as far as volatility is concerned. That being said, both of these markets are being held hostage by whatever tweet or statement comes out next, so position sizing will be crucial to protect your account.