Crude Oil Weekly Forecast 11/1: Upwards In Progress? (Chart)

(MENAFN- Daily Forex) The rebellion in Iran is firmly within its second week as it continues to unfold. The Venezuelan leadership crisis remains unclear. And the price of WTI Crude Oil is above 58.000 USD rather comfortably.

After challenging rather magnetic support levels the past few weeks, WTI Crude Oil showed the ability to move higher on Tuesday of this past week. As analysts debated what could happen to important oil producers and supply internationally, concerns about a possible glut did not cause a crushing downturn, instead healthy incremental gains were held onto going into this weekend.

The price of WTI Crude Oil closed around $58.435 on Friday and will offer day traders plenty of speculative spice when the markets open tomorrow. News from Iran continues to roil and the implications regarding its energy supply are complex if the Iranian regime actually falters. However, supply of oil the world over is healthy and is not going to suddenly evaporate. Oil from producers around the globe are pumping plenty of supply.

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Since the 15th of December the 56.000 USD mark has seen a lot of price action as a magnet for lower momentum, the price of WTI Crude Oil has gone below this lever too over the past few weeks, and did so again last week. Even on Thursday the 8th of January the price of WTI Crude Oil went below 56.000 USD. With the normalization of volume returning to the Crude Oil sector via trading as the Christmas and New Year's holidays appear in the rear view mirror, speculators will have better liquidity to judge technical moves.

Thursday's price action did see a surge higher however that likely caused some raised eyebrows, as the 56.000 juncture suddenly disappeared and WTI Crude Oil quickly broke north of 58.500 USD. Intriguingly for technical traders is the perception that Friday's trading sustained the 58.000 mark, and closed out the week's speculative action within sight of the highs for the week which were hit on Friday around the 59.600 ratio. But this might also be a warning, because WTI Crude Oil was selling off as it went into the weekend of Oil and Theories

There will be a lot of noise this coming week regarding what Venezuela and Iran's developing news means for the oil sector. But one of the things it most likely means, is that the price of WTI Crude Oil isn't about to jump wildly upwards.

• The ability of WTI Crude Oil to go into this weekend with a price that is within the upper tier of its one month chart, must be balanced with the acknowledgement the commodity has been traversing lower the past few months steadily.
• Perhaps day traders may feel there is room for upwards momentum and a retest of the 60.000 level.
• But Thursday's lows pushed towards the 56.000 USD ratio and beneath again, this as a reminder for overly ambitious bullish speculators to be careful.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 56.150 to 59.750

Full market action will be seen this week in WTI Crude Oil. There is a lot of noise in the energy sector currently because of rumors swirling due to Venezuela and Iran. Day traders need to be cautious. The rise in prices last week also saw retests of lows which have been persistent.

A trader looking for lower price action cannot be blamed for actually thinking WTI Crude Oil may be able to track incrementally lower again. However large players in the commodity have a lot of considerations regarding outlook as they look ahead a few months. Choppy results may be a highlight over the coming week as traders try to balance their insights, along with their concerns. Unknowns are aplenty, and the fact that WTI Crude Oil has been exploring lower values for a few months should be remembered.

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