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Crude Oil Weekly Price Forecast – Crude Oil Markets Show Strength

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market broke above the top of the shooting star from the previous week, so it suggests that we are going to go higher. Ultimately, this is a market that is towards the top of an overall range, so that being the case it’s likely that the market is probably going to struggle. All things being equal though, this is a market that has a lot of moving pieces, and as we are at the end of the year, it’s difficult to imagine a lot of big players suddenly jumping into the market unless of course there is some type of major headline. That being said though, we do have a lot of decisions to make closer to the $62.50 level.

WTI Oil Video 30.12.19

Brent

Brent markets also are at the top of an overall range and it looks like they will probably continue to see resistance just above. That being said, crude oil in general is going to be moving based upon the US/China trade situation and of course the OPEC production cuts. All things being equal though, this is a market that is a bit overextended and it’s likely that the traders coming back after New Year’s will probably make the decision as to where we go next. With that being the case, I would anticipate that the next week is probably best left alone as the market participants will continue to be focusing on New Year’s Day celebrations and the like. Because of this, liquidity will below and of course Wednesday will be closed due to the holiday itself. We will revisit this January 6.

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This article was originally posted on FX Empire

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