Crude stocks fell by 3.9 million barrels, gasoline by 2.8 million, and distillates by 1.5 million. This marks the first four-week decline in U.S. crude stocks since September 2023.
This impacts natural gas and oil forecasts by highlighting potential upward price pressure due to supply constraints and robust demand.
WTI crude oil (USOIL) is currently trading below its 50-day and 200-day exponential moving averages, indicating a bearish trend. The $77.90 level serves as a pivotal point.
A break below this level could exacerbate the downward momentum, with potential support levels at $76.88, $76.10, and $75.19.
Conversely, a surge above $77.90 could invalidate the bearish outlook and signal a potential rally towards $79.11, $80.16, and $81.31. WTI’s immediate direction hinges on the $77.90 pivot point.
Brent Oil Price Forecast
Brent crude oil (UKOIL) stands at $81.43, down 0.29%. On the 4-hour chart, the pivot point is $81.56. Immediate resistance levels are at $82.52, $83.18, and $83.88. Support levels are at $80.56, $79.98, and $79.41. The 50-day EMA is $82.79, while the 200-day EMA is $84.20.
The outlook remains bearish below $81.56; a break above this level could indicate a shift to a bullish trend. Stay vigilant for movements around these key price levels.
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.