Crude OIL Price forecast for today by Traders Union analysts
Crude oil is one of the most popular assets in the Forex market. Price performance of this commodity reflects the overall liquidity and volatility of the market and also acts as a benchmark for economic activity. The most popular crude oil brands are West Texas Intermediate (WTI) and Brent Crude.
Oil price forecast made by experienced TU analysts provides traders with comprehensive information on the future price dynamics, possible support and resistance levels and reversal points. Also use the oil price chart live to track situations in real time and make informed trading decisions.
USCRUDE is moving higher
26.04.2024
The situation in the Middle East remains tense, which continues to contribute to the demand for oil. Additionally, the U.S. claims that the country's economy is stronger than the GDP data showed, which has also added bullish sentiment to the oil market. Against this backdrop, the quotes of American WTI, finding support level at $82.00 per barrel, broke through $83.60 resistance and rose to the $84.14 level. The breakout of the above-mentioned resistance implies a growth toward $84.40-84.70. Losing $83.60 support will lead to a decline toward $82.80-82.60 per ounce.
USCRUDE under pressure after rise
25.04.2024
The threat of a full-scale war between Israel and Iran has almost disappeared, along with a strong incentive to buy oil futures. Thus, the American WTI after the growth of quotations to the resistance $83.60 per barrel is under selling pressure, which is also promoted by the growth of world oil reserves, and the bears are trying to break the 82.50 support. At the moment, the risks of its breakout and decline toward 81.80-81.50 prevail. Breaking resistance will weaken bearish positions and lead to a growth toward $84.00-84.50 per barrel.
USCRUDE bought on decline
24.04.2024
Following the continued fall, U.S. WTI quotes retested the support level of $80.90 per barrel, but as one would expect, the cheaper oil is still able to attract fresh buying interest, and pushing off support, WTI quotes soared toward 83.40 resistance. Breaking the 83.00 level suggests a growth toward $83.80-84.00 per barrel, with bear activity possible on the way to this resistance.
USCRUDE declines on Iran's statements
23.04.2024
According to statements by Iran's Foreign Minister, the country does not plan to retaliate against Israel's latest strike, which contributes to maintaining pressure on oil futures, amid which U.S. WTI prices, after rising to $82.96 per barrel, plummeted to $81.65. The oil prices may fall to $81.00-80.70 presenting buying opportunities. The breakout of the latter level will lead to a decline toward $80.00 per barrel.
USCRUDE is trying to resist further decline
22.04.2024
The "exchange" between Iran and Israel through military strikes did not lead to further escalation of the conflict, which helped to maintain pressure on oil futures, against which the quotations of U.S. WTI declined to $80.80 support per barrel. Nevertheless, there are no reasons for a large-scale sell-off at the moment, the continuation of OPEC+ production cuts may continue to support futures, so falling oil prices may still attract fresh buying interest. Loss of the current support will lead to a decline toward the psychological level of $80.00 per barrel.
USCRUDE loses value after rising on news of Israel's strike on Iran
19.04.2024
Oil futures were under selling pressure, but news of Israel's strikes on Iran sparked a swift rise in prices, causing American WTI quotes to rise from $81.90 per barrel to $85.60. However, after testing this level, WTI returned to current lows around $81.25. This decline is a worrying signal for bulls and indicates the risks of breaking support and declining towards the psychological level of $80.00 per barrel. However, amid the threat of a larger conflict between Israel and Iran, the decline in oil prices may be used for buying.
USCRUDE continues to decline
18.04.2024
Despite the intention of the U.S. to reimpose sanctions against Venezuela, oil futures remain under selling pressure. As warned, a series of declining peaks foreshadowed the break of the American WTI quotes below the support level of $84.20 per barrel, causing prices to plummet to $81.25 at the moment. The decline was fueled by Israel's lack of an immediate response to Iran's missile and drone attacks, but the situation in the region remains tense, so the decline in WTI may be limited by the support level of $80.60-$80.40, with possible bearish activity on the way to it. In the short term, upward rebounds may be capped by resistance at $82.40 and used for selling. Breaking this resistance will lead to a growth toward $83.50 per barrel.
USCRUDE risks of further losses increase
17.04.2024
The lack of retaliatory strike by Israel against Iran has contributed to continued pressure on oil futures, as a result of which the quotes of US WTI have been unable to break the resistance of $85.50-85.70/barrel and dropped to $84.59 at the moment. The series of declining peaks indicates the risk of breaking a strong support level of $84.00 and dropping toward $83.50-83.00; passing the $84.90 level will lead to a growth toward $85.40-85.50/barrel. The threat of a military conflict between Israel and Iran remains, so the decline in oil prices can be used for buying.
USCRUDE is under pressure, but demand for a decline persists
16.04.2024
Expectations of a restrained Israeli retaliatory strike on Iran contribute to the bulls' profit taking on long oil positions, against which the US WTI quotes failed to break through the resistance around 86.10 dollars per barrel and, after testing, it retreated to the support at 84.70. A series of declining peaks may signal a possible breakdown of support and a decline towards 84.00-83.50, but geopolitical factors will continue to support futures, and the decline in their price can be used for buying.
USCRUDE under pressure in the absence of Israel's retaliatory strike on Iran
15.04.2024
In anticipation of an Iranian attack on Israel, US WTI quotes broke through the resistance around 86.60 dollars per barrel and tested the resistance of 87.60, where bears became active again, bringing quotes back to the support of 85.30. Lacking an immediate Israeli response to the attacks as the new trading week begins, WTI remains under pressure, falling towards 84.78 and at risk of breaking 84.60 support and continuing its decline towards 84.00 dollars per barrel. However, Israel could still strike Iran, which could worsen the situation in the region, so the drop in oil prices could be used to buy again.
USCRUDE is still trading multi-directionally
12.04.2024
Against the backdrop of yesterday's sell-offs, US WTI quotes declined to support around 85.00 dollars per barrel, where buyers became active again, and quotes are currently trying to break through the level of 86.00. Geopolitical factors continue to support the futures, but declining peaks signal the risks of another fall to support at least. Passage of resistance will lead to a rise to 86.60 dollars per barrel.
USCRUDE is trading multi-directionally
11.04.2024
Fears of Iran's retaliatory strike on Israel contribute to the preservation of demand for oil. Thus, the American WTI was bought yesterday on the decline to the support of 84.60 dollars per barrel, which led to the growth of its quotations to the resistance of 86.60. At the moment, the quotes are under pressure, having tested the support of 85.60, but against the background of geopolitical risks, the price decline can still be used for buying. Losing the current support will lead to a decline towards 85.00-84.80; passing 86.20 will increase the chances of breaking 86.60 and growth towards 87.00-87.40 dollars per barrel.
USCRUDE fell in price amid the growth of inventories in the USA
10.04.2024
Unexpectedly higher-than-expected growth of oil reserves in the U.S. contributed to the activation of bears, against which the quotes of the U.S. WTI, having failed to break the resistance around 87.00 dollars per barrel, fell to the support of 85.20. Nevertheless, it is not necessary to talk about the trend reversal at the moment, so from the current levels, there may be attempts to grow towards 86.40-86.80; loss of support will lead to a decline towards 84.60-84.30 dollars per barrel.
USCRUDE storms resistance
09.04.2024
Israel's reduction in the number of militaries in the Gaza Strip contributes to profit taking on long positions in oil, with the bulls on the U.S. WTI not leaving attempts to break through the resistance near 87.00 dollars per barrel, but their attempts at the moment unsuccessful. The nearest support is at 86.20; the failure of the bulls to break through the resistance increases the risks of its breakdown and declines towards 85.40-85.00. Passage of resistance will lead to growth in the direction of 87.50-88.00 dollars per barrel.
USCRUDE rises after the collapse to the support of 84.70 dollars per barrel
08.04.2024
High volatility in the oil market persists. The US WTI sell-off from the resistance around 87.60 dollars per barrel led to the collapse of its quotations to the support of 84.70 dollars, but against the background of persisting geopolitical risks, this fall attracted interest in buying, and at the moment, the bulls are trying to break through the resistance of 86.70 dollars. Prospects remain constructive; the chances of resistance breakdown and growth to 87.40-87.60 look high; a loss of 86.00 support will lead to a decline towards 85.40-85.00 dollars per barrel.
USCRUDE updates current highs
05.04.2024
Geopolitical risks continue to support energy demand. American WTI was bought yesterday on the fall to the support of 84.65 dollars per barrel and bulls broke through the resistance of 86.00, tested the level of 87.20, followed by a pullback to the support of 86.35. At the moment, growth attempts are being used to sell, which increases the risks of breaking support and falling towards 85.80-85.50; breaking resistance will lead to a rise towards 85.50 dollars per barrel.
USCRUDE is still becoming more expensive
04.04.2024
The aggravation of the situation in the Middle East and Ukraine's attacks on Russian refineries continue to stimulate demand for oil, amid which US WTI quotes tested resistance near 86.00 dollars per barrel. Pullbacks to 85.10 are used for buying, indicating a high probability of retesting the current high; loss of this support will lead to a decline towards 84.40-84.20 dollars per barrel. There are no reasons for large-scale sell-offs in the oil market at the moment.
USCRUDE continues to rise in price
03.04.2024
A combination of bullish factors continues to support the current rally in the oil market, and in these conditions, US WTI quotes, having found support around 84.40-84.20 dollars per barrel, broke through the resistance of 85.40/60 and rose to the level of 85.82 at the moment. The next target for the bulls could be resistance around the 86.20-86.50 levels; a loss of 85.50 support would lead to a decline towards $85.00 per barrel. Pullbacks to the downside can still be used for buying.
USCRUDE continues to rise in price
02.04.2024
The growth of manufacturing activity in China, the escalation of tensions in the Middle East, and the attack of Ukrainian drones on another refinery in the Russian Federation became a reason to continue buying oil futures, against which the quotes of the American WTI broke through the resistance around 83.80 dollars per barrel and rose to the level of 85.37 at the moment. Breaking through 83.80 indicates that the bulls retain control over the situation and suggests further development of the uptrend, where next, the bulls may test the resistance of 85.80-86.00. Pullbacks towards 84.40-84.00 could be used for buying; a break of the latter level would lead to a decline towards 83.60-83.20 dollars per barrel.
USCRUDE storms 83.60 dollars per barrel
01.04.2024
Towards the end of the trading week, oil continued to be bought, thanks to which the US WTI quotes broke through the resistance around $82.40 per barrel and rose to the level of 83.60. Bounces downward are limited by the support at 82.80/60, but the bulls have not managed to break through the resistance at 83.60 yet, which may entail a loss of support and a decline towards 81.60-81.20; breaking through the resistance will allow the bulls to test $84.00 per barrel. Demand for the fall may persist.
USCRUDE ends the week with growth
29.03.2024
Geopolitical risks stimulate energy demand, against the background of which the quotations of the American WTI broke through the resistance around 82.40 dollars per barrel and rose to the level of 83.11. Thus, the chances of growth to the resistance of 83.80-84.00 still look high; loss of support at 82.40 will lead to a decline in the direction of 82.00-81.60 dollars per barrel.
USCRUDE grows in price after the decline
28.03.2024
Another decline in oil prices was used for buying, against which the quotations of American WTI, having pushed away from the support around 80.60 dollars per barrel, rose to the level of 82.55. The current growth may also attract interest in selling, while the bulls may first test the resistance of 82.80-83.00 dollars per barrel.
USCRUDE declines on the growth of inventories in the USA
27.03.2024
A larger-than-expected increase in US oil inventories has limited the upward potential of the US WTI, quotes of which failed to break through the resistance around 82.30 dollars per barrel, and after testing, it declined to the support of 80.60. The nearest resistance is now marked near 81.30, below which there are still risks of retesting support; passing the resistance will lead to growth in the direction of 81.80-82.00 dollars per barrel. On the downside, demand may persist.
USCRUDE under pressure after growth
26.03.2024
On fears of disruptions in oil supplies to the global market, the futures that fell in price were bought back, thanks to which the quotations of the American WTI broke through the resistance around 81.40 dollars per barrel and tested the mark of 82.44, after which they rolled back to the support of 81.70. There are still no reasons for large-scale sell-offs, and the cheaper oil will be bought back on the background of persisting bullish factors. Bulls may test the resistance at 82.20-82.44 again; loss of support will lead to a decline towards 81.40-81.00, where buying is possible.
USCRUDE under selling pressure
25.03.2024
Despite the geopolitical risks and the reduction in the number of working drilling rigs in the U.S., quotes of American WTI are under selling pressure, against which growth attempts are currently limited by the resistance around 81.40 dollars per barrel, and the bears do not leave attempts to break through the support of 80.40. Nevertheless, there are no objective reasons for large-scale sell-offs, so from the current levels, buying and breaking through resistance is possible, in which case WTI may rise to 81.80-82.00; loss of support will lead to a decline to the psychological level of 80.00 dollars per barrel.
USCRUDE is trying to build on the recovery from the drop
22.03.2024
Hopes for a truce between Israel and Hamas contributed to the decline in oil prices. Nevertheless, the decline continues to attract buying interest, on the back of which US WTI quotes, pushing away from support around 80.40 dollars per barrel, rose to the level of 81.20 at the moment. Above 80.40, the outlook will remain constructive, and the bulls may break the current resistance and test 81.80-82.00; a loss of 80.40 support will lead to a decline to the psychological level of 80.00 dollars per barrel as a minimum.
USCRUDE remains under the onslaught of sellers
21.03.2024
Yesterday, the liquidation of long positions in the oil market continued, as a result of which the US WTI quotes broke through the support of around 82.40 dollars per barrel and declined to the support of 80.80. Despite the falling dollar and the reduction of oil inventories in the U.S., a rebound to the resistance at 81.80 is used for selling, and bears are testing the support again at the moment. Nevertheless, amid bullish factors, downside demand may persist, and with it, the chances of bulls trying to break the 81.80 resistance; loss of support will lead to a decline toward $80.00 per barrel.
USCRUDE is getting cheaper on long liquidation
20.03.2024
Having found support near 82.40 dollars per barrel, the quotes of American WTI broke through the resistance of 83.00 and tested the level of 83.80. Despite a combination of bullish factors, speculators were fixing profits on long positions from this level, against which the WTI price fell to 80.93. Nevertheless, the current drop can be used to buy and test resistance at 82.20-82.30; loss of support will lead to a decline towards 80.00 dollars per barrel.
USCRUDE continues to rise in price
19.03.2024
Growing demand in the PRC and the U.S. against the backdrop of lower oil exports from Saudi Arabia and Iraq contributed to the breakthrough of WTI quotes resistance near $81.60 per barrel and growth to the level of 83.02. In the short term, growth in the direction of 83.50-84.00 is possible; a loss of 82.00 will lead to a decline in the direction of $81.00-80.50 per barrel.
USCRUDE moves higher
18.03.2024
Against the background of concerns about oil supplies, the world market's futures retain positive dynamics. Thus, the quotes of American WTI broke through the resistance of 81.40 dollars per barrel and tested the mark of 82.00. On pullbacks, continue to buy back, which suggests growth in the direction of 82.50-83.00; loss of support 81.20/00 will lead to a decline in the direction of 80.50 dollars per barrel. The outlook for black gold remains constructive.
What is the purpose of crude oil price forecasts?
Crude oil is highly volatile, which provides for a good earning potential, although the loss can also turn out to be devastating if you ignore the rules of risk management and don’t monitor the short and long-term oil price forecasts.
Oil trading is more suitable for experienced traders, who are prepared for high risks and also have enough money to trade.
The crude oil price forecast published daily by TU analysts is based on technical analysis instruments and methods (support and resistance levels, figure charts, indicators, etc.). You can use the forecast to learn the approximate oil price dynamics (forecasts are made for one day, one week and one month). Also consider that the following factors may have an impact on the oil price:
- a change in demand from oil producers;
- a change in demand from oil importers and consumers;
- international policy and agreements between countries;
- competition from other energy sources;
- internal policy of oil companies;
- geopolitical environment (crude oil price forecast may change if there is tension in the world).
FAQ
1
What is the oil price forecast for one week based on?
Technical analysis is used to prepare oil price forecasts for today, one week and one month. The forecast is based on historical data. This kind of forecast works best in the short term. For long-term trading, numerous external factors also need to be taken into account.
2
How can you learn the real picture of the crude oil price performance?
To get the real picture, you need to consider not only the oil price forecast for one month, but also the
indicators of the live price chart. This will help you perform an analysis on your own and adjust your trading strategy accordingly.
3
How can you trade Crude oil?
In addition to spot trading in Brent and WTI, you can also consider oil futures and CFDs.
4
Who can trade Crude oil?
Due to high
volatility, oil trading is more suitable for experienced traders who take forecasts into consideration, can perform an analysis on their own and clearly follow the rules of risk management.