Crude Oil Weekly Price Forecast – Crude Oil Continues to Grind Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the week, reaching towards the $43 level again before pulling back. At this being the case, it looks as if we are trying to break out to the upside. At this point in time, the market continues to see a lot of noise in general, so I think what we are looking at here is a scenario where we stay within the range until we get some type of catalyst. If we can break above the $43 level on a daily close, then I believe that we go much higher, probably looking towards the $50 level given enough time.

WTI Oil Video 23.11.20

Brent

Brent markets also rallied of course, as we are well within the range that we have been in for some time. Ultimately, this is a market that I think will struggle with the idea of breaking above the 50 week EMA and of course the $45 region. If we can break above there, then it opens up the possibility of a move towards the $50 level. All things being equal, I think that we probably pull back for the short term more than anything else, and then find buyers again. All signs point to more consolidation, so it will be interesting to see what happens next. I think we should have an answer the next couple of weeks, so keep an eye on this range as it will provide clues to where we go next.

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