Crude Oil Weekly Price Forecast – crude oil has a rough week

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the week but as you can see broke apart and felt towards the $70 level. This is an area that should attract a lot of attention, so ultimately I believe that this market is going to continue fighting back and forth. At this point, I think that the Iranian sanctions continue to be a major issue, and I also believe that the lack of global demand could be a major issue as well. Ultimately, this is a market that I think will continue to see plenty of volatility as we are worried about the US dollar, and of course oversupply.

Brent

Brent markets broke down below the $81 level, and then the $80 level. The Brent market was absolutely hammered, so it looks very likely that we will continue to see a bit of weakness. I anticipate that there should be support closer to the $77 level, so I think at this point it’s likely that we see a bit more negativity going forward. I believe there is massive support at the $70 level though, so I think that’s about as far as we go. This is a strong correction, but I think we only have a couple of weeks. Otherwise, if we break down below the $70 level, it’s likely that we could break down rather significantly at that point.

WTI Video 15.10.18