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Weekly Oil Prices Forecast and Technical Analysis for Dec 24, 2023

Weekly Oil Prices Forecast and Technical Analysis

As predicted last week, crude oil prices rose, and Brent reached around $79.
As you see in the chart, the price of Brent crude oil has reached the resistance range of the short-term downward trendline and cannot keep moving until it is broken.
Therefore, for the next week, the Brent crude oil price is expected to fluctuate between 75 and 80 USD.

Crude oil prices were slightly down on Friday afternoon, just hours before the weekend and the Christmas holiday. The prices were not significantly affected by Angola’s decision to leave OPEC. A barrel of WTI was trading at $74.03, down $0.07 on the day, or a 0.09% dip. Last year, the Friday before Christmas saw WTI trading higher than today, at $79.56 per barrel. Since last year, WTI has been traded between $67 and almost $92 per barrel.

Brent crude was trading at $79.23 per barrel on Friday, a $0.16 drop or a 0.20% decrease. That’s down from about $84 per barrel around last Christmas.

During the last week, WTI has risen from just under $72. Gasoline prices in the United States have also increased over the last week. The current price for a gallon of regular-grade gasoline in the United States is now averaging $3.129 per gallon, according to the latest AAA data. That’s compared to $3.087 per gallon a week ago. Last year at this time, gasoline prices averaged $3.101 per gallon, just 2.8 cents below today’s average prices. This week saw the first weekly increase in gasoline prices since September.

Angola and Nigeria were given lower crude oil production quotas as part of the OPEC+ agreement this summer. The two countries had underperformed and failed to pump to their quotas for years due to a lack of investment in new fields and maturing older oilfields. The two members disagreed with the ruling, which delayed the latest OPEC meeting. The issue was unresolved as of the latest meeting, and Angola earlier this week decided to part ways with OPEC. Although oil prices initially fell, they had steadied out by Friday.

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Weekly Oil Prices Forecast and Technical Analysis for Dec 24, 2023