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Weekly Oil Prices Forecast and Technical Analysis Sep 30, 2023

Weekly Oil Prices Forecast and Technical Analysis

Last week the Brent crude oil price corrected to $91 on Tuesday and went along with demand to the 50% Fibonacci retracement level around $95 on Wednesday, but couldn’t break this key resistance and reversed for two days reaching $92.8 on Friday.

Uncertainty in OPEC+ decisions, upcoming elections, and changing gasoline demand all affect lower prices.

On the daily chart, negative RSI divergence right as it trades into the 50% Fibonacci retracement level, indicate a weakening momentum followed by more corrections, and a pullback to the $88 key support.

For the next week, we predict the Brent crude oil price to correct around the 88-90.

Oil Technical Analysis

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Biden Administration Plans Zero Offshore Oil and Gas Lease Sales For 2024

The Biden administration will hold no offshore oil and gas lease sales next year and bring the total for the next five-year period to a minimum, Reuters has reported, citing unnamed sources.

This means there will be just three lease sales over the four years beginning in 2025, the report also said. Reuters noted that on average, since 1992, five-year lease sale plans have featured at least 11 lease sales, with most holding between 15 and 20.

The information revealed by the Reuters sources is certain to prompt a reaction from the oil industry just weeks after another lease sale-related news made the headlines when a judge ordered the Interior Department to remove the limitations on the Gulf of Mexico acreage that was to be offered in a lease sale on September 27.

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Weekly Oil Prices Forecast and Technical Analysis Sep 30, 2023