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Crude Oil Price Outlook – Crude Oil Continues to See Troubles
Published: Apr 29, 2025, 14:30 GMT+00:00
The crude oil market continues to see a lot of pressures from above, as the market continues to see a lot of questions about the idea of the global economy, and of course the tariff issues as well.
CL/WTI Technical Analysis
The light sweet crude market has fallen pretty significantly in the early hours on Tuesday as we continue to see quite a bit of questioning of the global order and how global trade is going to perpetuate itself in an environment with so many trade war issues popping up everywhere. With that being said, I’ll be paying close attention to the $60 level as it is important from a psychological standpoint and from a long-term market memory point. So, I’m looking to see whether or not we can bounce.
I don’t necessarily want to be the first trader in and try to guess where the bounce is. I want to see the bounce actually happen and then play the market to the upside from there. I do think that we are in the middle of trying to base the market and find a floor, but this is typically a very messy affair. So, you have to be very careful trying to get long of the market.If we do break down below $60, then we could see quite a bit of negativity.
Brent Technical Analysis
Brent gapped lower during the open here on Tuesday and as a result, it does look like the market is probably going to continue lower. The question now is whether or not $60 will hold or if we turn around between now and then. I do think either is possible, as a result, I probably stay away from the Brent market because quite frankly, if you wanted to short the market, you would have done it weeks back. You wouldn’t be doing it here. You don’t want to chase the trade, that is.
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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