Crude oil prices forecast and long term prediction

In this article we make a Crude Oil price prediction and longterm forecast. We would like to give an assessment of the further price development of the Light Crude Oil Futures. We look at the long term charts for WTI Crude Oil (CL), which are the yearly, quarterly and monthly charts with logarithmic scale. The basis of our analysis is Price Action and Technical Chart Analysis.

The charts used are from TradingView and the prices are from the Gold Futures traded at NYMEX.

Crude Oil Yearly Chart (12 month chart) showing trading range

Crude Oil Futures Yearly Chart

In the yearly chart of Crude Oil Future above, we see a long-term upward trend from the 1998 low at $10.65 until the all-time high at $147.27 in 2008. In the same year crude oil prices dropped sharply until $33.55, where we can see the blue line, which is an 20 years moving average of the price.

Crude Oil prices then went up again until 2011 high at $114.83. In the following years prices dropped again even below the low of 2009 and reached a new low point in 2016 at $26.05.

Then prices were rising again until 2018 high at $76.90 and the falling until $42.36.

In 2019 we see a low point at $44.35 and a high point at $66.60.

Important Highs and Lows

HighsLows
$147.27 – July 11, 2008$10.65 – December 11, 1998
$114.83 – May 02, 2011$33.55 – February 12, 2009
$76.90 – October 03, 2018$26.05 – February 16, 2016
$66.60 – April 23, 2019$44.35 – January 02, 2009

So, in summary, we can say that we have just described the typical price swings of a huge trading range and sideways market for WTI Futures.Next let’s take a look on the quarterly chart.

Crude Oil Quarterly Chart (3 month chart) showing uptrend

Crude Oil Prices Monthly chart
Monthly Chart of Crude Oil Prices

In this quarterly chart of the Crude Oil Futures prices we can see more details of the price movement. I have again included a 20 period moving average (blue line).

Prices are basically moving sideways in a trading range between $42.36 and $76.90.

Important Highs and Lows

HighsLows
$76.90 – October 03, 2018$26.05 – February 16, 2016
$66.60 – April 23, 2019$42.36 – December 24, 2018

The 20 period moving average is rising and containing the price action.

From the correction low in 2015 we see a continuing price increase.

Let us continue our review with a look at the monthly chart.

Crude Oil Monthly Chart

Crude Oil Monthly chart
Monthly Chart of Crude Oil Futures

Also on the monthly chart for light crude oil futures (WTI) we can see a trading range roughly between $66.60 and the $50.00.

The 20-period moving average shown on the chart is turning down, which is a negative sign.

Crude Oil price prediction and longterm forecast February 2020

The long term trend is of Crude Oil Futures is sideways. We expect to see price action without a real tendency. Next price target could be the 2018 low at $42.36.

What is the current price of Crude Oil Future ?

The current price of Crude Oil Futures you can see here.

*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.

Do you think our predictions are accurate? What are your thoughts on the methods used to reach our conclusions? Let us know in the comments below.

*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.
Scroll to Top