In this Crude Oil analysis, we decipher 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 Live Chart

Crude Oil Analysis: Fundamental View

Bloomberg—WTI crude oil futures resumed their bearish trajectory, but they erased some of their recent losses in today’s trading session. As of this writing, the black gold trades at approximately $65.0.

The recovery was partly driven by a US official hinting that President Donald Trump might remove the 10% tariff on Canadian energy imports that align with trade agreements.

However, market sentiment remained weak due to concerns over US tariffs and OPEC+’s decision to increase production, which could slow global growth and reduce oil demand.

Rising US Crude Stocks Fuel Oversupply Concerns

Additionally, data from the EIA revealed that US crude inventories grew more than expected, raising oversupply fears.

More signs of weaker oil demand appeared, as waterborne crude imports hit a four-year low in February, mainly due to a decline in Canadian shipments to the US East Coast.

Crude Oil Technical Analysis

The Stochastic oscillator has stepped outside of the oversold territory, meaning the market is not oversold. Furthermore, the Awesome Oscillator recent histogram turned green, hinting at bulls adding pressure to the price.

The immediate resistance is at $66.8. From a technical perspective, the uptick in momentum from $65.25 can extend to a higher resistance level if bulls pull the prices above it.

In this scenario, the next bullish target could be the $68.3 resistance area. Please note that the bullish outlook should be invalidated if the market dips below $65.25.