Crude Oil Weekly Price Forecast – Crude Oil Continues to Struggle at the Same Area of Price

WTI/CL Weekly Technical Analysis

The light sweet crude oil market is struggling with the $65 level again this week, as we continue to see a lot of noisy external pressures in this market. When you look at this market, the $65 level has been important multiple times going back a couple of years and therefore, it’s not a huge surprise to see that it is difficult to get above it.

The market is looking to close slightly positive, but really at this point, I think we are trying to sort out whether or not we have a trading range so I don’t know what that range is yet, but I think we’re probably looking at something along the lines of the $62 level on the bottom to the $70 level on the top, if it plays out a little bit more positively. The $65 level is a magnet for price, so keep that in mind. I think we may even tighten up further.

Brent Weekly Technical Analysis

Brent markets also look very much the same. I think we have a situation that is going to be looking for some levels to make a decision on where the top and bottom of the range are. The bottom right now, I suppose the candidate is $65, the top is probably 73. Keep in mind that oil markets might be a little sluggish anyway, due to the fact that economic activity seems to be slowing down. And of course, OPEC, Russia and the United States are all flooding the market with plenty of supply.

So, with that being the case, pricing power is a little bit wanting in all grades of crude oil. We are probably not going to fall to a fresh new low, but I don’t know if  we’re going to have a massively bullish move either. I think we’re just going to chop back and forth, and short-term traders will continue to benefit.

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