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Crude Oil Weekly Price Forecast – Crude Oil Markets Attempt to Recovery

Christopher Lewis
·2 min read

WTI

The West Texas Intermediate Crude Oil market initially fell during the course of the week only to turn around and rally significantly to crash into the top of the weekly candlestick from the previous week. Ultimately, this is a market that is starting to slump lower, and I do think that we continue to go much lower going forward. If we break down below the bottom of the candlestick, then we could go down to the $30 level, which is my target right now. Oil initially got excited due to the idea of stimulus coming out of the United States, but it is going to be smaller than thought.

WTI Oil Video 09.11.20

Brent

Brent markets fell a bit during the trading sessions that make up the week as well, only to turn around and spike also, and then sold off yet again. This is a market that continues to drift much lower like the WTI market is, and I think we are probably looking towards the $35 level sometime next week, or perhaps the week after. Either way, rallies are to be sold into, because even if we do get stimulus the last three packages did not lift demand, and I cannot imagine how the fourth one well.

This is especially true considering that the US Senate will remain Republican, so they will not be passing the signs of stimulus package that people thought was going to happen. Ultimately, the market continues to drift lower longer term, but it will be choppy to say the least. I believe $35 is the next target, followed by $30 level.

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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