Weekly Crude Oil Price Prediction - Crude Oil Markets Continue to Fall

The West Texas Intermediate Crude Oil price has dropped below the $90 barrier for the second consecutive week. With this in mind, the market appears to be poised for a significant decline. If the price breaks below the bottom of the candlestick, there is the potential for a decline to the $80 level. Granted, this is a very noisy market, but it appears that the pessimism persists. Consequently, I believe we have a situation where we must view this through the lens of a lack of demand, as global markets will begin pricing in a significant downturn. That decreases demand.

Brent prices were also quite volatile, falling through the 50 Week Exponential Moving Average. If the price breaks below the bottom of the candlestick, a decline below the $90 level becomes possible. In such a scenario, the market could collapse to $80 in the near future. We just broke through a major trend line, and this negative development has now been reinforced.

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Despite the fact that OPEC scarcely increased supply, prices continued to decrease anyway. As a result, you must pay close attention to the markets and what they are attempting to tell you at this time because this demonstrates the level of concern surrounding the man. More often than not, rallies will be sold into, and a collapse below the $90 level could unleash significant selling pressure.