Crude Oil Weekly Price Forecast – Crude Oil Markets Pulled Back During the Week

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has fallen somewhat significantly during the trading week, taking back about half of the gain of the previous week. That being said, it doesn’t necessarily mean that we are going to break down drastically, but one thing that you need to be aware of is that the market is moving on a motion at this point, as OPEC has cut 2 million barrels per day, but at the same time there are serious concerns as to whether or not there is going to be a massive global slowdown. If there is, then the demand will obviously be crushed.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have fallen during the week to test the top of the previous down trending channel. At this point, I think this is a situation where we will eventually find buyers, but in the short term looks like we are going to continue to test lower. Just as with the WTI Crude Oil market, we have to worry about demand destruction as the global economy gets hammered. Furthermore, we also have to worry about the US dollar, because of it continues to strengthen, it should take less of those US dollars to buy a barrel of oil.

The $80 level underneath will be a major support level, and I think as long as we can stay above there, the market will at least have an opportunity to find buyers. In the short term, we will more likely than not see a lot of sideways and choppy movement as we try to figure out what the next panic is about.

Crude Oil Prices Forecast Video for the Week of 17.10.22

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