Advertisement
Advertisement
Crude Oil Price Outlook – Crude Oil Continues to Look Threatened
Published: Mar 6, 2025, 14:40 GMT+00:00
The crude oil market attempted to break higher in the early hours on Thursday, as traders are busy looking for the overall global economy to slow down. Remember, while the season for higher demand is coming, there are concerns about recession.
WTI Crude Oil Technical Analysis
The light sweet crude oil market has been somewhat sideways and choppy in the early hours on Thursday as we hang around just below the $67 level. The $67 level, of course, has been important more than once as major support and it should be thought of more or less as a zone, not necessarily a solid line of defense.
That being said, it looks like we are struggling to hang on to any gains at this point, and as a result, I think you have to look at this through the prism of a market that needs to be avoided. We could get a bounce from this technical level, but really, one of the biggest problems we have is there’s a serious concern that economies around the world are slowing down and that will almost certainly translate into lower demand for crude oil, which of course is very negative.
Brent Crude Oil Technical Analysis
Brent markets look very much the same, we are just hanging around just below the $70 level. The $70 level, of course, is important from a large round number point of view, and of course, the fact that one would have to assume that since it’s been support for three years, people will continue to pay close attention to it. That being said, I don’t necessarily think that we should be buyers here, I think we need to see some type of impulsive move, perhaps more importantly, a fundamental reason to start buying Crude Oil right now. We just don’t have it, so I think we’re just stuck in this quagmire.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Christopher Lewis is an experienced trader that specializes in technical analysis and markets prediction. Chris has over 20 years of experience across a wide variety of markets and assets - currencies, indices, and commodities.
Latest news and analysis
Advertisement