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Crude Oil Price Outlook – Crude Oil Continues to Build Momentum
Published: Mar 24, 2025, 13:31 GMT+00:00
The crude oil markets look as if they are going to break even higher over the longer term, but traders will have to be aware that the process is just that, a process. This will take some time, but it looks like the buyers are taking control.
WTI Crude Oil Technical Analysis
The light sweet crude oil market has gone back and forth during the trading session here on Monday, but it does look like we are trying to break out of the recent consolidation area. If we were to break higher from here, then the market would probably test the $70 level and the 50 day EMA.
I do think that there are plenty of buyers underneath, so short-term pullback should continue to be buying opportunities in the light, sweet crude oil market. But it’s also worth noting that the area just below near $67 and extending down to the $65 level is a support range that has held up for three years. Brent has gone back and forth during the course of the trading session as well, as it looks like we are trying to break towards the 50 day EMA.
Brent Crude Oil Technical Analysis
Brent markets look very much like a grinding but positive situation, which is basically how I would describe most grades of oil right now. The $70 level underneath is likely to be a major floor in the market, as we’ve seen a lot of support near this area over the last three years. If we can break above the 50 day EMA, then it’s likely that we could go looking at the $75.50 level above. I do think this time of year is typically good for crude oil. So, the move does make quite a bit of sense at this point in the year.
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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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