Crude Oil Weekly Price Forecast – Crude Oil Markets Have Good Week

Crude Oil Prices Forecast Video for 12-02-2024

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the course of the week to break above the $75 level, then possibly all the way to the $77 level. The 50-Week EMA is in the same general vicinity, so that’s worth paying attention to as well. Underneath, we have the $70 level offering support, and then again more support at the $68 level. This is a market that looks as if it is trying to do everything it can to build a little bit of a support region and perhaps a little bit of a basing pattern.

If we were to break above the $80 level, then I think the WTI Crude Oil market could rally all the way to the $95 level. In that general move, it would be extraordinarily bullish for oil and it’s probably worth noting that supply has been dwindling.

Brent Crude Oil Weekly Technical Analysis

Brent markets have rallied significantly as well, breaking above the $80 level, and they are now looking at the possibility of testing the 50-Week EMA. If we break above there, then the Brent market could go looking to the $95 level. A short-term pullback at this point in time probably shows signs of support near the 200 week EMA, then again at the $75 level. Crude oil of course, will continue to see more of a “buy on the dip” attitude, as it looks like we are going to continue to focus on the idea that supply is dropping, and of course central banks around the world continue to cut monetary policy, thereby possibly driving up demand from industry.

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