Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Crude Oil Forecast: Crude Oil Tests the Bottom of Its Range

Despite the challenges, there are signs that a short-term bounce could be on the horizon.

WTI Crude Oil (US Oil)

The West Texas Intermediate (WTI) Crude Oil market has been struggling as of late, with concerns mounting about the demand for oil in the current economic climate. This has been reflected in the recent fall in prices, with the market seeing a range between the $82.50 level and the $72.50 level.

The 50-Day EMA has been offering resistance to any upward momentum in the market, and there is a real concern that there may not be enough demand to push prices higher. If the market were to break down below the $72.50 level, it's possible that we could see a move down to the $70 level, which is a significant psychological and technical level.

Despite these challenges, there are signs that a short-term bounce could be on the horizon. However, much will depend on global growth and how the economy performs in the coming months. After all, oil markets are closely tied to economic growth, and without a healthy economy, it's unlikely that we will see any significant support for oil prices.

  • From a structural standpoint, the supply of crude oil in the world is somewhat tight, which could eventually push prices higher.
  • However, this will be contingent on economic growth and demand for oil.
  • If the economy slows down, it's unlikely that we will see any significant support for oil prices.

WTI Crude Oil chart

Brent (UK Oil)

The Brent market has also been struggling recently, with prices falling after initially trying to take on the 50-Day EMA. Like the WTI market, Brent has been stuck in a range for some time, with support potentially coming into play to lift prices higher.

Despite the challenges facing the oil markets, there are some positive signs. For example, regulators have stepped in to protect depositors in Silicon Valley Bank, which could help to mitigate systemic risk and prevent a potential economic slowdown. Looking at the charts, it looks like nothing is change, so I do think we will continue to see more of the same action we have seen over the last several months.

  • Overall, the oil markets are facing a challenging environment at the moment, with concerns about demand and global growth weighing on prices.
  • However, there are also some positive signs that a short-term bounce could be on the horizon.
  • We will need to keep a close eye on economic developments in the coming months to see how the markets respond.

Brent Crude Oil chart

Ready to trade WTI/USD? Here are the best Oil trading brokers to choose from.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.


Most Visited Forex Broker Reviews