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Crude Oil Price Forecast – Crude Slightly Positive in Early Friday Session
Published: Aug 29, 2025, 13:30 GMT+00:00
The oil markets have risen slightly in the early hours of the Friday session, as we are trying to sort out whether or not we can jump higher and start building a wider consolidation range.
WTI/CL Technical Analysis
The light sweet crude oil market has rallied ever so slightly during the early hours of Friday as we approach the crucial $65 level again, which is also accompanied by the 50 day EMA. All things being equal, I think we are trying to jump back above the $65 level in order to find some type of range, perhaps between $62 and $70. But we’ll just have to wait and see. It’ll be interesting to see what happens next. I believe at this point oil is going to continue to struggle for a whole host of external reasons.
So, with that being said, you have to keep in mind that supply is overwhelming demand. And if we get an economic disruption via recession, that doesn’t help either. Russia, OPEC, and the United States are all pumping oil out, and that will keep this market somewhat sluggish. What I’m hoping to see is a defined range that we can trade back and forth.
Brent Technical Analysis
Brent markets look very much the same. It looks like they’re using $67 as support. So, we’ll see if that holds. We are right about at the 50 day EMA, but if we can break above the $69 level, it does open up a move to the 200 day EMA. A breakdown below $65 opens up a drop to the $62.50 level. And again, this is a market that I think is held hostage to the oversupply coming out of Russia, OPEC, and the US. With that being said, I expect sideways action more than anything else, but I also think we’re still in the middle of trying to define where that action is.
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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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