Crude Oil Weekly Price Forecast – Crude Oil Markets Pulled Back Slightly

Crude Oil Prices Forecast Video for 30.01.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading week, as we continue to use the $80 level as potential support. Ultimately, this is a market that continues to see a lot of noisy behavior, and with the FOMC meeting next week, it’s going to have a great influence on where the energy markets start to move. After all, this is a situation where we are trying to figure out whether or not there is going to be a lot of demand for crude oil, or if the global economy will continue to look quite weak.

At this point, the big bullish case is that China is reopening, but quite frankly there seems to be very little in demand around the world outside of that country. With that being the case, I think we continue to have a lot of choppy and perhaps more importantly, sloppy trading.

Brent Crude Oil Weekly Technical Analysis

Brent markets also have gone back and forth during the week, as we are trying to figure out what is going on as far as demand is concerned, and therefore you need to pay attention to the FOMC meeting, and of course global growth. Global growth seems to be rather slow, so although brands may bounce a bit from here, I think the upside is somewhat limited. Longer term, oil will of course find plenty of buyers, but right now it looks more or less like a situation where the market is more of a short-term range bound type of scenario.

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