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

Crude Oil Prices Forecast Video for 12.12.22

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen rather hard during the week to slice through the $76 level. This was an area that had been supportive over the past couple weeks, so it is a bit of a negative sign. At this point, it looks like the 200-Week EMA could cause a bit of support, but it looks like the market is ready to go even lower at this point.

Keep in mind that although OPEC has decided to cut production by 2 million barrels a day, and even that has not lifted the market. This is because the demand is falling apart in what looks to be a global recession just waiting to happen.

Brent Crude Oil Weekly Technical Analysis

Brent of course has done the same thing, slamming into the 200-Week EMA, after breaking down below the $80 level. At this point, the market is likely to see a lot of volatility, but the size of the candlestick does suggest that we have further to go to the downside. I suspect rallies at this point will be sold into, although it might be from a lower timeframe such as the daily or the 4 hour chart.

Regardless, I just don’t see oil picking up at this point, especially as we start to head toward the end of the year, because liquidity could be a major issue. A lack of volume could cause for a lackluster market, but also has the ability to see the market spike in one direction or the other on some unforeseen news. All things being equal, this is a market that looks like it’s got further to go to the downside though.

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