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Crude Oil Price Outlook – Crude Gets Crushed After Tariffs
Published: Apr 3, 2025, 14:19 GMT+00:00
The crude oil markets got crushed after the tariff announcements in the US. The world looks as if it might be heading into a tariff war, and this will drive down demand for oil.
WTI Crude Oil Technical Analysis
At this point, it looks very much like a market that is going to continue to at least stay within the range that it had been in previously, but it’s worth noting that this is a horrific candlestick. A tariff war will certainly have a major influence on how the oil market behaves because quite frankly, the oil market is all about the economic engine of global trade, whether or not it is a thing. So, it’s not a huge surprise to see the reaction that we have had.
That being said, we are getting close to an area that has been well supported for some time. So, I think you have to keep that in mind. The market will continue to look at the $65 level here in the light sweet crude oil market as an area that might be important. With that being said, I like the idea of looking for a bounce, but I don’t want to be the first one to press the button to buy crude oil.
Brent Crude Oil Technical Analysis
Brent looks very much the same as it is down near the $70 level testing major support. So, I’ll have to wait and see if that holds. So far it has actually bounced just a bit, although we’re still down over 6 % as I record this video, which is a horrific number, to say the least, but Brent has held this line for something like three years. So, my suspicion is as soon as you hear anything remotely conciliatory between world leaders, oil markets will probably react in a very positive light. Until then though, we have to be somewhat cautious. Your position size will be crucial.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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