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

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·2 min read
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  • BNO
  • CL=F
  • GC=F
  • ZG=F

WTI Crude Oil

The West Texas Intermediate Crude Oil market has had a rough week to reach down towards the $75.50 level. This is an area that previously had been a bit of resistance, so it makes a certain amount of sense that buyers would try to defend this area. Furthermore, we are in an uptrend and desperately needed some type of pullback, which you can see we have had. This type of candlestick closing towards the bottom of the range typically means there is a little bit of follow-through, but I think at this point most of the “smart money” is waiting for an opportunity to get long again.

A lot of the narrative is that the Strategic Petroleum Reserve could be released, but that has already been priced into the markets. Furthermore, we are now starting to focus on Austria locking itself down, with Germany possibly doing the same thing. This could of course drive down demand for crude oil around the world, but we will have to wait to see whether or not anything comes of that.

WTI Oil Video 22.11.21

Brent

Brent markets have also done the same thing, falling rather hard during the course of the week to reach towards the $70.50 level. The $70.50 level is a minor area of support, and the fact that we are closing at the bottom of this candlestick does suggest that perhaps we have further to go. Nonetheless, I think there are plenty of buyers just below current trading areas, and therefore I will be looking for some type of stabilization that we can get involved in. Right now, we do not have it, but I certainly would not be a seller of this market either.

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

This article was originally posted on FX Empire

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