Crude Oil Price Forecast: Demand and Geopolitical Tensions Fuel a Bullish Outlook
WTI Crude Oil Technical Analysis
The West Texas Intermediate (WTI) crude oil market witnessed a rally during the early hours on Friday, pushing towards the $75 resistance level. This price action reflects ongoing strong demand for crude oil amidst rising tensions in the Middle East that could support higher prices.
Recently, WTI tested the lower end of a two-year trading range near $65 before rebounding. Current indications suggest that buyers may emerge on short-term pullbacks, allowing investors to seize value opportunities. Especially noteworthy is the $71.50 area, historically significant for price action. A clear break above $75 would signal a bullish victory.
Brent Crude Oil Technical Analysis
Similar bullish trends are visible in the Brent market, characterized by volatility influenced by geopolitical events. Watch for the $75.50 region to act as strong support on any pullback, with a target towards $80. Despite short-term stretch, market movements remain sensitive to geopolitical situations and central banks' easing monetary policies.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.