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Crude Oil Weekly Price Forecast – Crude Oil Markets Take Beating For The Week

The crude oil markets have been all over the place due to the assassination of an Iranian general, the subsequent rocket strike by the Iranians, and that of course the calming of tensions. In the end, all we did was test the top of a range.
Christopher Lewis
Crude Oil Weekly Price Forecast - Crude Oil Markets Take Beating For The Week

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially rallied during the week, mainly due to the assassination of General Soleimani by the Americans, and then the rocket retaliation by the Iranians. However, cooler heads have prevailed since then in we have pulled back rather substantially from the $65 level. When you look at the candlestick, it shows just how negative the market got, and at this point it’s likely that the market could continue to bounce around in this range. It will be interesting to see how this plays out, because beyond all of this we are seen bearish inventory figures. We are still within the range between $50 on the bottom and $65 on the top. Short-term bounces will be followed by short-term pullbacks. Expect a lot of choppiness.

Crude Oil Inventories Video 13.01.20

Brent

Brent markets also reach towards the top of the overall range, breaking above the $70 level for many of the same reasons. However, we are sitting on the 200 week EMA which is very flat, telling you that we are basically at the average price for the last several years. The market seems to be bouncing around between $57.50 and $70.00 level on the top. Ultimately, this is a market that continues to go back and forth and tries to find some type of clarity. I don’t think we get it, and therefore I believe that longer-term traders will continue to sell Brent the closer we get to $70 and buy crude oil closer to the $57.50 level.

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