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Crude Oil Weekly Price Forecast – Crude Oil Markets Have an Explosive Week

By:
Christopher Lewis
Published: Oct 7, 2022, 17:04 UTC

The oil markets have rallied quite significantly during the course of the week, and it does suggest that we are going to have a potential bigger move.

OPEC FX Empire

In this article:

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has exploded to the upside during the course of the week to break well above the $90 level. Ultimately, this is a market that is going to continue to be very noisy, and if we break above the top of this candlestick, we could see an attempt to recover. There are a lot of moving pieces right now when it comes to oil, not the least of which will be whether or not there is going to be demand destruction. Furthermore, we have OPEC cutting production, and it’s possible that we could see supply cause a bit of an issue.

Brent Crude Oil Weekly Technical Analysis

Brent markets have broken out of a downtrend channel, and it looks like we are ready to go much higher, but it’s going to be very noisy. Keep in mind that the market will end up being a lot of noisy behavior, and perhaps buyers near the $90 level. If we were to break down below the $90 level, then it’s possible that we could see this market fall apart. We have a lot of things to keep an eye on, not the least of which will be sanctions on Russian oil and the fact that OPEC cuts may or may not cause a big problem.

Jobs numbers in the United States look healthy, and as long as that’s the case, the demand should keep up to a reasonable level. The size of this candlestick is somewhat overwhelming, so this could be the beginning of something rather special with just a little bit of a nudge.

Crude Oil Prices Forecast Video for the Week of 10.10.22

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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