This Crude Oil analysis reviews the commodity from technical and fundamental aspects. It also features trend examination, price forecasts, support and resistance levels, and trading signals.
We update this page daily to ensure you have the latest information by covering the price changes.
Crude Oil Analysis & Live Chart
Crude Oil Fundamental Analysis
Bloomberg—WTI crude oil futures dropped to around \$62 per barrel on Thursday, continuing their downward trend as fears of a global oil oversupply grew stronger. One of the main reasons for this decline is Saudi Arabia’s effort to boost OPEC+ oil production.
The country is reportedly aiming to raise output by at least 411,000 barrels per day in August, with a possible additional increase in September. This move is likely an attempt to take advantage of peak summer demand and protect its market share.
At the same time, Saudi Arabia lowered the price of crude oil for its Asian buyers for July. The new prices are close to a four-year low, which suggests that demand in Asia—one of the world’s largest oil-consuming regions—is weakening. This price cut is a clear sign that Saudi Arabia expects slower buying activity from the region.
In the United States, recent data from official sources showed a drop in crude oil inventories. However, this was overshadowed by a significant rise in gasoline and distillate stockpiles. These unexpected builds add to concerns about excess supply and contributed to further pressure on oil prices.
On the global front, investors are also reacting to tensions from an ongoing trade war. Canada is preparing potential retaliatory steps, and President Trump has described Chinese President Xi Jinping as particularly tough in negotiations. These developments add uncertainty to the global economy, which could further reduce demand for oil and fuel future price declines.
Crude Oil Technical Analysis
FenzoFx—Crude Oil pushed above the previous monthly high at $64.61. As of this writing, the black gold trades at approximately $65.27, slightly above the monthly highs.
Currently, it is hard to tell if this level will hold or if the market is grabbing liquidity for a dip. However, COT reports show a record 23,000 increase in buy-side contracts, indicating a bull market.
As for technical indicators, the RSI 14 signals bearish divergence, and the Stochastic Oscillator hovers in the overbought territory. Considering the current price rests slightly above resistance, we expect oil prices to consolidate near lower support levels before the uptrend continues.
Buying is not recommended on breakouts, as the price is high. A dip toward the previous day’s low at $63.02 could offer a discounted entry for WTI Crude Oil.
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