Crude Oil Price Forecast – Crude Oil Markets Blow Out

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during Friday’s trading session to break above the $90 level and, of course, the top of the downtrend channel. After that, the market will likely look to break above the 200-day EMA, possibly reaching the $95 level. All other things being equal, this is a market trying to react to the sanctions against Russia and of course the OPEC production cuts. However, we also have to be concerned with the idea of ​​demand destruction, so I think that’s going to continue to make noise.

Brent Crude Oil Technical Analysis

Brent broke above the 200-day EMA and even broke above the $98 level. The $98 level is a minor area, where we might consider the $100 level to be a bit more substantial. If we were to break above the $100 level, it is likely that we will go higher. At this point, the market has broken above the top of the downtrend channel, so I think we have a situation where the markets will continue to be noisy, and even go up to this point.

However, we will have to pay close attention to the 50-day EMA because if we cross it, it comes back to this market. In general this is a situation where it looks like we are trying to turn things around and a lot of it will come down to the potential destruction of demand and of course supply issues due to the fact that Europe is now trying to fight Russia’s oil sales again.

Crude Oil Price Prediction Video for 10.10.22

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