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Crude Oil Price Outlook – Crude Oil Continues to Attempt to Escape Selling
Published: May 8, 2025, 13:32 GMT+00:00
The oil markets continue to see a lot of noisy trading, as the markets are trying to determine whether or not we are going to see increased demand via trade deals, and an expansion of trade overall.
WTI/CL Technical Analysis
The light sweet crude oil market rallied a bit during the early hours on Thursday as we attempt to get to the $60 level. The $59 level is trying to be cleared. We’ll have to wait and see whether or not we can actually do that. But a daily close above $60 is the signal I’m looking for to determine whether or not there is bullishness.
Until then, I have to assume that we will continue to go back and forth in this area, extending all the way down to the $55 level, where we had formed a short-term double bottom. Keep in mind that crude oil is very sensitive to economic activity and if we start getting trade deals like expected over the next couple of days with various countries, that could be your catalyst to go higher.
Brent Technical Analysis
Brent markets rallied a bit in the early hours as well. But really at this point in time, I think you’ve got a situation where traders continue to watch this very closely, and if we can bounce from the $60 level, I think you have a situation where traders may look at this as a potential floor. Now that’s a very dangerous game to play and we don’t know if that in fact would be the case, but as things stand right now, the $60 level looks to be very important. So do keep that in mind. If we rally and break above $64, then I think you have a shot at $66. That would be your first target. If we break down below the recent lows, then the trapdoor opens and Brent goes much lower.
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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