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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid ongoing volatility in global energy markets, Elliott Wave analysis indicates a continuing bearish sequence for WTI Crude Oil starting from the May 19, 2026 high. According to reports, technical analysis forecasts WTI crude oil eyeing a lower price range between $68 and $73 per barrel. This outlook follows the completion of a corrective zigzag pattern that peaked at $94.78 before the resumption of the current downward trend.
Despite the technical pressure, market data showed relative stability in oil prices over the past week, with Brent crude futures hovering around $89.39 levels. Compared to the previous quarter, prices have declined by nearly 5% due to concerns over slowing Chinese demand, according to IEA reports. Traders are also monitoring natural gas prices, which rose by 2% during this week's trading per market data.
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Sign InLooking ahead, investors are awaiting the outcome of the OPEC meeting scheduled for June 7, 2026, which could provide price support if production cuts are extended. Additionally, U.S. inflation data due mid-month will play a crucial role in determining the Dollar's direction and its impact on commodities. The $75 level remains a significant technical support zone to watch before the projected bearish targets are reached.