What’s Affecting Oil Prices This Week? (Oct. 29, 2018)

Brent fell $2.87 per barrel (bbl) last week to average $77.39/bbl. West Texas Intermediate (WTI) fell $2.78/bbl to average $67.47/bbl. For the week ahead we see Brent weakening slightly more, averaging $75/bbl, perhaps slightly higher. We think Brent is likely nearing the price floor, and technical indicators seem to confirm that recent price movements have been fairly balanced.