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Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to See Signs of Slight Upward Pressure

By:
Christopher Lewis
Published: May 26, 2023, 14:54 GMT+00:00

The crude oil markets did rally just a bit during the trading week, breaking above the short-term resistance barrier, but it does look like we have a little bit of trouble ahead.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 29.05.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil markets rose during the course of the week but have shown a little bit of hesitation. That being said, the market breaking above the highs of the week could open up the possibility of a move toward the $80 level, which is a large, round, psychologically significant figure. On the other hand, if we were to break down below the bottom of the candlestick, the market could look to the $70 level. All things being equal, this market looks like it is building up inertia and trying to figure out where we are going next. This makes sense, considering that there are a lot of questions as to whether or not demand will continue to be strong as we head into a recession.

Brent Crude Oil (UK) Weekly Technical Analysis

The Brent markets also have rallied during the course of the week, popping above the 200-Week EMA, only to give back some of the gains. Ultimately, this is a market that looks as if it is trying to get to the $80 level above, which is a large, round, psychologically significant figure. Underneath, we have the $72.50 level offering support, and then of course we have the $70 level underneath there. All things being equal, I think we are trying to build up enough pressure to reach toward the top of the overall range, but a bigger move is probably a bit out of the question at this point. It does look like the $70 level is going to continue to offer a bit of a “floor in the market” as things stand right now.

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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