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Crude Oil Price Outlook – Crude Oil Continues to See Volatility
Published: Jun 12, 2025, 13:55 GMT+00:00
The crude oil market initially gapped higher to kick off the trading session on Thursday, as the market continues to see a lot of crosswinds. Having said this, the market still is likely to find buyers.
WTI/CL Technical Analysis
The light sweet crude oil market gapped higher to kick off the trading session on Thursday, but then collapsed as the area above the 200-day EMA is offering massive resistance. Nonetheless, I think there is still plenty of buying pressure underneath, and short-term pullbacks, I do think, offer buying opportunities that people will be more than willing to buy into. The $65 level should end up being a short-term floor in the market, as a little bit of market memory probably comes into the picture there, as it had been such an important resistance.
All things being equal, I do think that eventually we could go to the $72.50 level, but the shock of the CPI and now PPI numbers in America may have people a little bit confused. People will start betting on the Federal Reserve cutting rates and that generally lifts oil eventually.
Brent Technical Analysis
Brent markets have done the same thing, gapping higher to kick off the trading session only to drop from there and go looking to the $68 level. The $68 level above the previous consolidation had been like a brick wall, but now it should offer support. The pullback at this point in time could be a scenario where buyers are going to come in based on market memory and pick up cheap barrels of oil. I suspect that probably could be the case. I certainly don’t want to short the market after the explosive move as of late. And I think some of this is probably just going to be a little bit of short-term profit taking, but I think in a longer term, the trajectory is still a grind higher.
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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.
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