Falling crude oil imports in China and India have further pressured prices. Meanwhile, geopolitical tensions in the Middle East increase the risk of supply disruptions, impacting oil and natural gas forecasts.
As of today, USOIL trades at $76.80, experiencing a slight decline of 0.04%. The 4-hour chart highlights key price levels: a pivot point at $77.55, with immediate resistance at $78.84, followed by $80.11 and $81.28. Immediate support stands at $75.94, with additional support at $74.54 and $73.34.
The 50-day EMA is $77.53, indicating a potential pivot area, while the 200-day EMA at $79.35 suggests longer-term resistance.
The outlook remains bearish below $77.55, but a break above this level may signal a shift toward bullish momentum, with traders watching closely for confirmation.
Brent Oil Price Forecast
Brent crude oil (UKOIL) currently trades at $80.03, up 0.06%. The 4-hour chart reveals a pivot point at $79.72. Immediate resistance is positioned at $81.56, with further barriers at $82.76 and $84.18.
Support is found at $78.86, followed by $77.92 and $77. The 50-day EMA stands at $80.88, slightly below the current price, indicating short-term bullish momentum, while the 200-day EMA at $82.91 suggests stronger resistance ahead.
The outlook remains bullish above $79.72, but a decisive break below this level may trigger a sharp selling trend, prompting traders to reassess positions.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.