Crude Oil Weekly Price Forecast – Crude Oil Markets Hesitate
Crude Oil Prices Forecast Video for 25.09.23
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading week, showing signs of hesitation. All things being equal, this is a situation where we have seen so many positive weeks in a row that a pullback would make a certain amount of sense. If we do break down a bit, then the market could go looking to the $85 level. On the other hand, if we continue to go higher here, then we probably have a move toward the $95 level, perhaps even the $100 level over enough time.
Underneath, we have the 50-Week EMA that sits at the $80 level, which could be the “floor in the market” that a lot of people will pay close attention to. Regardless, with Saudi Arabia and Russia both cutting back production, that’s going to continue to cause a lot of bullish pressure underneath.
Brent Crude Oil Weekly Technical Analysis
Brent markets have also gone back and forth during the course of the week, as the $95 level continues to be an area of importance. At this point, a pull back to the $90 level could be in the cards, and I think at that point in time there would be a lot of buyers willing to get involved. The 50-Week EMA sits just below the $85 level and should offer a bit of a floor in this market as well. Regardless, this is a market that continues to see plenty of fundamentals to go higher, not only due to the fact that there have been production cuts, but it also makes a lot of sense that crude oil will continue to rally due to the idea of inflation, which tends to help commodities overall.
For a look at all of today’s economic events, check out our economic calendar.