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 bought on the decline

16.05.2024
The drop in the U.S. dollar led to higher demand for oil, which prevented the U.S. WTI prices from falling further, stabilizing at $76.70 per barrel before bouncing back toward $79.10 resistance. Here, prices are under pressure again, which may lead to a decline toward $78.20-77.80. Breaking resistance will lead to a growth toward $79.50-80.00 per barrel.

USCRUDE bought on the decline

USCRUDE faces selling pressure

15.05.2024
Yesterday's selling of the U.S. WTI led to a decline in its quotes to support at $77.80 per barrel. As predicted, buyers are still showing up as prices fall, but efforts to increase the price are now restricted by $78.70 resistance. This suggests a risk of more bearish testing above the support mentioned earlier. Breaking resistance will lead to a growth toward $79.30/40 per barrel.

USCRUDE faces selling pressure

USCRUDE storms resistance at $79.40 per barrel

14.05.2024
As anticipated, the decline in oil prices drew buying interest once more. After testing support at $77.80 per barrel, WTI crude oil prices bounced back to $79.40 resistance, although it's still holding off bullish pressure. The closest support is at $78.70, but if bulls can't break resistance, there's a higher risk of it breaking down and falling toward $78.40-78.00. Breaking resistance will lead to a growth toward $80.00 per barrel. Demand during the decline is expected to remain steady.

USCRUDE storms resistance at $79.40 per barrel

USCRUDE is trying to recover losses

13.05.2024
Friday's attempts by WTI bulls to break resistance at $79.90 per barrel were unsuccessful. Subsequently, with the liquidation of long positions, its quotes plummeted to support at $77.75. Nonetheless, the ongoing Ukrainian drone strikes on Russian refineries and the situation in the Middle East still maintain demand during declines. Currently, bulls are attempting to overcome $78.55 resistance, below which the risk of retesting support will prevail. Breaking resistance will lead to a growth toward $79.00-79.50 per barrel. There are no reasons for an oil price collapse, so declines are likely to be used for buying.

USCRUDE is trying to recover losses

USCRUDE is in demand

10.05.2024
Robust economic indicators from China coupled with geopolitical tensions in the Middle East are driving up the demand for energies, causing the U.S. WTI prices to rise to $79.90 after a pullback to support at $78.90 per barrel. Bulls couldn't break it, but demand remains on pullbacks, along with chances of testing the $80.00 level. Losing of $79.40 support will lead to a decline toward $78.90 per barrel.

USCRUDE is in demand

USCRUDE bought on the decline

09.05.2024
Continuing its decline, the U.S. WTI prices broke support at $77.60 per barrel and tested the $76.90 mark. Yet, an unforeseen decrease in U.S. oil stockpiles lured buyers back into the market, propelling prices upward toward the $79.20 resistance level. At current levels, they may face pressure again. Breaking resistance will lead to growth toward the psychological level of $80.00 per barrel, with possible bearish activity along the way.

USCRUDE bought on the decline

USCRUDE sold off again after rise

08.05.2024
Concerns regarding Israel's negotiations with Hamas for a ceasefire prompted a resurgence in the purchase of U.S. WTI after it fell to $77.55 per barrel, driving its prices up to $79.10. However, selling pressure continues during the rise, and quotes are currently approaching $78.00. Thus, the risks of falling toward $77.00-76.70 persist. Breaking $78.70 will lead to a growth toward $79.00-79.20 per barrel.

USCRUDE sold off again after rise

USCRUDE tries to avoid further decline

07.05.2024
According to news reports, Hamas is ready to accept Israel's ceasefire terms, but amid Israel's military operation in Rafah, oil futures are trying to avoid further decline. Therefore, the decrease in the U.S. WTI prices was once again restrained by support at $77.90 per barrel. Following this test, prices increased to $78.80. Tensions persist in the Middle East, potentially supporting oil demand and pushing WTI toward $79.50-$80.00. Breaking $78.50 support will lead to a decline to $78.10-77.90 per barrel at least.

USCRUDE tries to avoid further decline

USCRUDE recovers after decline

03.05.2024
The pullback of the U.S. WTI quotes to the resistance at $79.80 per barrel provided an opportunity for the bears to sell it at a better price, as a result of which the quotes broke the $78.90/80 support and declined to $78.40. Doubts about OPEC+'s refusal to cut oil production at the June meeting and the situation in the Middle East support demand during declines, so after testing the $78.40 mark, WTI rebounded to resistance at $79.40 per barrel. After a rather large-scale fall, some correction is possible, but on the approach to the psychological level of $80.00 per barrel the bear could become active.

USCRUDE recovers after decline

USCRUDE continues to decline

02.05.2024
The rise in oil inventories in the U.S. contributed to further liquidation of long futures positions, causing American WTI prices to break support at $82.40 per barrel and drop to $80.65 currently. Next, bears could test support at the psychological $80.00 level  next. If it does, there might be some bullish activity happening. If Israel's talks with Hamas on a ceasefire fail, a rebound toward $82.00-82.40 per barrel could be possible.

USCRUDE continues to decline

USCRUDE continues its decline

01.05.2024
The increase in oil inventories in the U.S. has led to further liquidation of long futures positions, causing American WTI prices to break support at $82.40 per barrel and drop to $80.65. As a result, the price of American WTI oil dropped from $82.40 per barrel to $80.65 currently. Next, bears might try to see if the price stays strong at the psychological mark of $80.00, where there might be some bullish behavior. If Israel's negotiations with Hamas to cease fire fail, a rebound toward $82.00-82.40 per barrel is possible.

USCRUDE continues its decline

USCRUDE is under pressure again

30.04.2024
Talks between Israel and Hamas on a ceasefire contributed to selling pressure in crude oil futures, causing U.S. WTI prices to fall to support $82.25 per barrel after testing $83.80 resistance. Given the lack of negotiation outcomes, there is still potential for attempts at a growth toward the range of $83.40-83.80 from the current levels. Breaking $82.20 support could lead to a decline toward $81.40-81.00 per barrel.

USCRUDE is under pressure again

USCRUDE declines after growth

29.04.2024
Strong inflation data from the U.S. published on Friday, clouded the prospects of the Federal Reserve lowering interest rates, which positively impacted the dynamics of the U.S. dollar and consequently negatively affected oil futures. Thus, after rising to resistance at $84.40 per barrel, the quotes of American WTI crude oil fell to $83.00 support, where the weekly closure occurred. The pullbacks are currently limited by resistance at $83.20, below which there are prevailing risks of decline toward $82.50-82.30. Its breakout will lead to a growth toward $83.50-83.70 per barrel. There are still no reasons for significant sell-offs, and the situation in the Middle East and beyond may stimulate demand declines.

USCRUDE declines after growth

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 is moving higher

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 under pressure after rise

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 bought on decline

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 declines on Iran's statements

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 is trying to resist further decline

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 loses value after rising on news of Israel's strike on Iran

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 continues to decline

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 risks of further losses increase

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 is under pressure, but demand for a decline persists

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 under pressure in the absence of Israel's retaliatory strike on Iran

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 still trading multi-directionally

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 is trading multi-directionally

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 fell in price amid the growth of inventories in the USA

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 storms resistance

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 rises after the collapse to the support of 84.70 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 updates current highs

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 is still becoming more expensive

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.