Check out this week's WTI Crude Oil Forecast:
Crude Oil speculators continue to face challenging circumstances as volatility remains under the spell of technical and speculative swirling price storms.the price of West Texas Intermediate Crude Oil traded above the 92.00 level with sustained price action. These highs were produced in the wake of OPEC’s announcement that it was going to cut Crude Oil production substantially because it felt demand was going to decrease, because of worsening global demand due to recessionary conditions.
A reversal higher was then seen which can be interpreted as a natural market reaction up to around 88.00, but by Thursday the price of WTI dropped to a weekly low of nearly 84.50. Another reversal higher happened which again saw a value of above 88.00 displayed.This may have been a combination of behavioral sentiment from growing nervousness regarding global economic conditions which could affect demand for the commodity, and technical speculation.
It may be tempting to bet that the price of WTI Crude Oil is going to keep falling this week after Friday’s price performance. However, the value of the commodity has shown the ability to burst upwards too. As much as the U.S White House may want the price to fall, the price remains within an elevated range and would likely need additional ‘bad’ economic news to show speculators that demand is going to decrease substantially.
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