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Crude Oil Price Outlook – Crude Oil Continues to Drift Towards Support
Published: Jul 16, 2025, 13:28 GMT+00:00
The crude oil markets continue to see a bit of weight to it, as we are looking to see if the previous resistance barrier can now offer enough support to keep the market afloat. At this point, I am looking for signs of life here.
WTI/CL Technical Analysis
The light sweet crude oil market has pulled back just a bit during the trading session here on Wednesday, as it looks like we are going to test major support near the $65 region. The $65 region of course is a fairly important level that previously had been resistance, and it should now offer support based on market memory.
Ultimately, I think this is a scenario where traders are going to be looking at this through the prism of whether or not they can find some type of bounce here that they can take advantage of. A breakdown below the $64 level would be very negative for oil this summer, but typically speaking, this is a fairly decent time of year for oil. However, it’s probably worth noting that commodities in general are a bit of a mess right now as nobody really know what’s going on with the tariffs.
Brent Technical Analysis
Brent also has fallen as it is also like the light sweet crude market below the 50 day EMA. This is a negative turn of events, but it’s also worth noting that there is a certain amount of market memory just waiting to happen here, as it was previous resistance. Again, I think this is a situation where we probably find buyers, but I don’t know how significant the bounce will be. I think oil has a real shot at rallying through the summer but is probably going to be more of a grind higher than anything else.
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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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