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Crude Oil Weekly Price Forecast – Crude Oil Markets Recover After Plunge From Omicron

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·2 min read
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WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the week as we have wiped out a lot of the losses from the previous week as traders will continue to be very fickle due to concerns about whether or not the demand will pick up. The omicron losses from the previous couple of weeks have been beaten back a bit, and now it looks as if we are trying to recapture the overall uptrend. If we can take out the $75 level, it is very likely that this market goes much higher. On the other hand, if we break down below the lows of the previous week, that could cause quite a bit of negativity for this market.

WTI Oil Video 13.12.21

Brent

Brent markets have rallied significantly during the course of the week as well, reaching towards the $75 level. It is only a matter of time before this market continues to go higher from what I see, especially if we get the signal which would be breaking above the top of the candlestick for the week. Oil looks good, and quite frankly I do not think it is quite ready to wipe itself out just yet. However, if we break down below the previous weekly candlestick, then I think oil is done and it will fall apart at that point. I anticipate that a lot of the selloff will be looked at through, as it appears that major lockdown scenario seems to have been avoided for the most part. In general, this is a market that continues to be noisy but it is technically in an uptrend.

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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