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Crude Oil Weekly Price Forecast – crude oil has a rough week

Crude oil markets broke down significantly during the week, slicing through the bottom of the shooting stars from the previous week. That’s a good sign, and it shows that we could see a lot of volatility going forward. Ultimately, this is a market that I think is focusing on several things at once.

Crude Oil weekly chart, October 15, 2018

The WTI Crude Oil market initially tried to rally during the week but as you can see broke apart and felt towards the $70 level. This is an area that should attract a lot of attention, so ultimately I believe that this market is going to continue fighting back and forth. At this point, I think that the Iranian sanctions continue to be a major issue, and I also believe that the lack of global demand could be a major issue as well.

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