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Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Drift

By:
Christopher Lewis
Published: Sep 30, 2022, 17:10 UTC

Crude oil markets have drifted back and forth during trading on Friday as we are sitting and reasonably supportive levels.

Crude oil FX Empire

In this article:

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, as we hang around the $80 level. The $80 level of course is an area that people will be paying close attention to, as it is a large, round, psychologically significant figure and an area that had previously been important. It’s also worth noting that the United States government supposedly is willing to buy crude oil near the $80 level to refill the vote buying operation coming out of the Strategic Petroleum Reserve. At this point, I think we have a situation where there is a little bit of the squishy floor just below, but I still think that the demand equation doesn’t look good. Because of this, rallies probably get faded.

Brent Crude Oil Weekly Technical Analysis

Brent has also been a bit noisy during the week, as we continue to see a lot of noise overall. The market is likely to see a lot of back and forth, but I think what people are really paying close attention to is the fact that there is a serious demand issue at the moment, people will be curious as to whether or not the economy will demand more crude oil.

I don’t necessarily think it will, but a short-term rally could show selling opportunities until we break above the 50-Week EMA. I don’t necessarily think that happens, but of course it is something that we have to keep the back of our minds as anything is possible in the markets, especially as volatile as they have been. Ultimately, the question now we have to ask is if this has been a nice correction, or are we starting to sell off again?

Crude Oil Prices Forecast Video for the Week of 03.10.22

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.

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