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Weekly Oil Prices Forecast and Technical Analysis Oct 22, 2023

Weekly Oil Prices Forecast and Technical Analysis

Last week crude oil prices rose as tensions in the Middle East remain high, and the Brent crude oil price reached around $92.

On the daily chart, we can see that the Brent crude oil has been ranging between the $84 support and the broken trendline.

The situation in the Middle East remains a big risk for the market where bad news around an expansion of the conflict could lead to a spike in crude oil prices.

For the next week, the brent crude oil price is expected to range between $92 and $95.

Crude oil prices ended the week in the green for the second week in a row as geopolitical tensions in the Middle East continue to worry markets.

Crude oil prices ended Friday on a down note after Israel agreed to delay its planned attack on Gaza following pressure from the United States. But across the week, crude oil prices were trading up for the second week in a row for price gains.

Tempering Friday’s prices was news that the United States would lift sanctions on Venezuela’s oil industry in exchange for the Maduro regime agreeing to hold elections next year. The U.S. Department of the Treasury issued general licenses authorizing transactions involving the oil and gas sector and removed the ban on secondary trading, the Treasury Department said this week.

Meanwhile, the United States also said it planned on buying another 6 million barrels of crude oil for the Strategic Petroleum Reserves, but at a price point significantly lower than current market prices.

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Weekly Oil Prices Forecast and Technical Analysis Oct 22, 2023