Crude Oil Weekly Price Forecast – Crude Oil Continues to Rise

Christopher Lewis
Updated: Jun 22, 2024, 11:25 GMT+00:00

The crude oil market has had a positive week over the last couple of trading sessions, showing that we are in fact still very much in the same range that we had been in. On Friday, Ukraine attacked a Russian oil refinery which caused a little bit of a jolt, but all things being equal we were always rising.

In this article:

WTI Crude Oil Weekly Technical Analysis

The WTI crude oil market has rallied rather significantly during the week, breaking above the $80 level as we continue the massive bounce from the 61.8% Fibonacci retracement level. All things being equal, this is a market that I do think continues to go higher and is going to try to get to the $85 level sooner or later. This is a cyclically bullish time of year, and at that, I do think that a lot of traders will continue to kick this market around in the same range it’s been in, but probably favor the upside.

Keep in mind this is going to be very noisy and we were reminded of that on Friday as Ukraine had attacked several Russian refineries. With that being the case, short-term pullbacks continue to be buying opportunities as far as I can tell, but from a longer-term perspective, if you’re patient enough, we will probably reach $85.

Brent Crude Oil Weekly Technical Analysis

The Brent market looks very much the same, peaking above the $84.50 level during the week but it doesn’t look like we have any follow-through, at least not yet. I do think that eventually we get to the $90 level, and I do believe that short-term pull banks will continue to attract buyers. From a longer-term perspective, I think we’re pretty neutral. In fact, we’re basically in the middle of the entire range of last year. In other words, the markets are extraordinarily balanced from a technical analysis point of view, and with that being the case, I think you have to look at it through that lens.

It’s really not until we break above the $96 level or break below the $73 level in Brent that anything will have changed. The momentum over the last couple of weeks has been positive so I think that will continue to be the case at least in the short term, maybe the rest of the summer. But then, who knows?

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.

Did you find this article useful?