Crude Oil Weekly Price Forecast – Crude Oil Markets Break Through Barriers

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market fell hard during the trading week, especially on Friday. We pierced the $80 level, an area that obviously has a certain amount of psychology attached to it, but it’s also an area that a lot of people will be paying close attention to as it is where the Americans suggested they were going to start buying crude oil for the Strategic Petroleum Reserve. Remember, they are down to levels not seen since the 1970s, so they definitely will be a buyer in the market. Nonetheless, there is no real organic demand around the world as global economy concerns continue. I still like fading rallies and think that we could go down to the $75 level in the next couple of weeks.

Brent Crude Oil Weekly Technical Analysis

Brent looks very much the same, piercing the $88 level. The $88 level looked like it was going to be important for a while, but seems to have been sliced through rather easily on Friday. At this point, we are threatening the $85 level, and then possibly a move down to the $80 level. I think we are more likely than not going to continue to see a situation where sellers will step in every time there is the slightest hint of strength, because a lot of people still have to unwind big positions from the bottom. Until the global economy strengthens, it’s difficult to imagine why Brent would suddenly be an asset you want to pour a lot of money into. With that being the case, I do think that we will see the occasional bounce, but it will only end up being a selling opportunity yet again.

Crude Oil Prices Forecast Video for the Week of 26.09.22

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