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

By:
Christopher Lewis
Updated: Jun 9, 2023, 16:27 GMT+00:00

Crude oil markets have fallen a bit during the trading week, as we continue to see a lot of noisy behavior in general.

Crude oil, FX Empire

In this article:

Crude Oil Prices Forecast Video for 12.06.23

WTI Crude Oil (US) Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading week, as we have seen quite a bit of volatility. The 200-Week EMA continues to be important, as it has been in the middle of the consolidation area, and with that being the case, the market is likely to continue to see a lot of noisy behavior, but right now it looks as if we are more or less going to stay in some type of range, due to the fact that it is summer which is typically a range bound time of year and of course the fact that the OPEC nations have started cutting production yet again. There’s a lack of demand, but at the same time there is a lack of supply. In other words, the market is probably somewhat frozen in this overall range, with the $80 level above being resistance, and the $70 level underneath offering support.

Brent Crude Oil (UK) Weekly Technical Analysis

Brent markets have initially pulled back during the week, but did recover a bit. Ultimately, the market is likely to continue to see a lot of noisy behavior, as we are hanging around the 200-Week EMA, which of course is an indicator that a lot of people pay close attention to. The $80 level above will continue to be a major resistance barrier, and if we were to break above there, then it’s possible that the market could go to the 50-Week EMA which sits just below the $85 level.

If we break down below the bottom of the candle, then it is possible that we could go look into the $70 level, which has been supported on the weekly chart for some time. Nonetheless, I think what we are seeing here is a market that’s trying to sort itself out, and it may take several weeks, if not months to get clarity.

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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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