One of the most traded commodities on the Forex market is crude oil. This commodity’s price performance serves as a benchmark for economic activity and represents the market’s general liquidity and volatility. Brent Crude and West Texas Intermediate (WTI) are the two most well-known brands of crude oil.
Experienced TU analysts’ forecasts of the oil price give traders detailed information on potential support and resistance levels, reversal points, and future price movements. Additionally, use the live oil price chart to monitor events in real time and make well-informed trading choices.
USCRUDE purchased on sale on February 5, 2025
WTI, still under pressure, tested $70.40 yesterday after breaking support at $71.80 per barrel. Profit-taking on short positions was facilitated by the psychological level of $70.00’s close vicinity, which caused the price to surge to the $73.00 resistance level. The risk of shattering the $71.60 support is still present, as is selling interest. A surge toward $74.00 per barrel would result from clearing barriers.
USCRUDE sells off on February 4, 2025
Oil futures performance suffered as a result of Trump delaying the imposition of trade penalties against Canada and Mexico. WTI thus fell to $71.25 after testing resistance at $74.20 per barrel. Bulls are more likely to intervene as prices approach the psychological level of $70.00 per barrel, while they may yet drop lower toward $70.60-70.40.
Trump’s tariffs cause USCRUDE to climb February 3, 2025
WTI fell to support at $71.80 per barrel as a result of selling. Trump’s tariffs on Canadian oil and goods caused WTI to rise above $74.50 resistance before descending to $73.00 support. Demand is probably going to continue to drop, which might result in a breach of the barrier and an increase toward $75.00–75.50. Trump’s plan to boost oil production, meanwhile, would restrict WTI’s rising potential.
Why do forecasts of crude oil prices exist?
Crude oil has a high degree of volatility, which makes it an excellent investment opportunity. However, if you disregard risk management guidelines and fail to keep an eye on both short- and long-term oil price projections, the loss might be disastrous.
Experienced traders who are willing to take significant risks and have sufficient funds to trade are better suited for oil trading.
Technical analysis tools and techniques (support and resistance levels, figure charts, indicators, etc.) form the basis of TU analysts’ daily crude oil price projection. The forecast, which is created for one day, one week, and one month, can be used to learn about the approximate dynamics of the oil price. Additionally, keep in mind that the following elements could affect the price of oil:
- Shifts in the demand for oil from producers, importers, and consumers;
- International agreements and policies among nations;
- Competition from other energy sources;
- Internal oil company policies;
- Geopolitical context (if there is global tension, the forecast for the price of crude oil may alter).
What is the basis for the one-week oil price forecast?
Forecasts of oil prices for today, the coming week, and the coming month are created using technical analysis. The prediction is predicated on past facts. In the short term, this type of forecast is most effective. Long-term trading also requires consideration of several external factors.
How can you find out how the price of crude oil is actually performing?
You must take into account both the indicators of the live price chart and the oil price projection for a month in order to obtain the full picture. This will enable you to do an independent analysis and modify your trading approach as necessary.