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Crude Oil Weekly Price Forecast – Crude Oil Continues to Consolidate Longer-term

By:
Christopher Lewis
Published: Jun 14, 2024, 20:11 GMT+00:00

The crude oil market has had a strong week, as the markets have been continuing to see a lot of sideways action over the longer term, or at least for the last 18 months. The markets will continue to be interested in geopolitics, wars, and global growth – or lack of.

In this article:

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil Market has rallied quite significantly during the week as it looks like we are starting to put pressure on the idea of the $80 level.

The $80 level of course is a large round psychologically significant figure that a lot of people will be paying close attention to. So, it does make a certain amount of sense that if we can break above there, then we could go looking to the $85 level. The 61.8% Fibonacci retracement level is where we had bounced from during the previous week. And now it looks like we are ready to go higher. That being said, it doesn’t necessarily mean that we are going to be extraordinarily aggressive to the upside, but I just think we will spend most of the summer trying to recover at this point.

Brent Crude Oil Weekly Technical Analysis

Brent markets look very much the same, as $84.50 would be the next major barrier. If we can clear that, then I don’t see much keeping the market from going to the $90 level eventually. This isn’t to say that it will be the easiest move and it’s not to say that there won’t be the occasional violent pullback. I mean, after all, we are talking about crude oil, which is notoriously volatile, but at the end of the day, it’s probably worth noting that we have been consolidating for about a year and a half now and not much has changed. So, with this, I think we just continue this same sideways pattern that we have seen for so long.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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