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Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Grind Higher

By:
Christopher Lewis
Published: Sep 29, 2023, 14:56 GMT+00:00

Crude oil markets have rallied rather significantly during the course of the trading week, as we continue to see the supply/demand disruption cause issues.

Crude oil barrels, FX Empire

In this article:

Crude Oil Prices Forecast Video for 02.10.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has been very positive for quite some time, and this past week was no different. Because of this, it looks very likely that we continue to see more of a “buy on the dip” situation, as we are now above the $90 level. At that point, it looks like the next target is the $95 level, possibly even the $100 level.

If we were to break down below the bottom of the candlestick for the week, it just simply suggests that we are going to have a bit of a short-term correction, but I think given enough time the buyers will come back into the market and try to take advantage of “cheap oil.” I have no interest in selling oil anytime soon, and I think that a lot of traders out there would be looking to buy oil if it does pull back.

Brent Crude Oil Weekly Technical Analysis

Brent of course looks very much the same as the WTI grade, meaning that it has been somewhat noisy this week, but quite frankly when you look at the last 20 weeks or so, almost all of the candlesticks are green. This tells you just how bullish this market is. Without the 1 million barrels that both Saudi Arabia and Russia are taken out of the market, it does make quite a bit of sense that we would see the crude oil markets rally. With that being the case, I think you get a scenario where the market will see every dip as a buying opportunity. The 50-Week EMA sits right underneath the $85 level, and is rising. That should be your short-term floor in the market.

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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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