Crude Oil Weekly Technical Analysis: Key Support at $67.50 and $70

Friday, 18 October 2024, 09:19

Crude oil weekly forecast looks at WTI and Brent prices facing key support levels at $67.50 and $70, respectively. With concerns over global demand affecting the markets, traders remain cautious. As we analyze the market, the pressing question looms: will value hunters step in, or will prices continue to struggle?

Fxempire — Crude Oil Weekly Technical Analysis: Key Support at $67.50 and $70

Crude Oil Market Analysis

The West Texas Intermediate (WTI) crude oil market faced significant challenges this week, threatening the $67.50 support level. This key level has proven crucial over the years, attracting potential value hunters. OPEC's intervention remains uncertain as traders express concerns regarding overall demand and a potentially slowing global economy.

Brent Market Movements

Similarly, the Brent market highlights the importance of the $70 support level, a significant marker over the last two years. Should the market rebound, prices could aim for the $80 level. Overall, the market is searching for stability, but risks remain due to global economic uncertainties.

Key Support Level: $67.50 for WTI
Key Support Level: $70 for Brent
Potential Rebound: Likely, but cautious approach advised
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.