Advertisement
Advertisement
Crude Oil Price Outlook – Crude Oil Continues to Grind a Bit Higher
Published: Jul 9, 2025, 14:19 GMT+00:00
The crude oil market continues to see a lot of noisy trading, but overall, we are looking to go higher over the longer term from what I see. Seasonality favors a rising oil price, and therefore I think it makes sense to look at pullbacks as buying opportunities.
WTI/CL Technical Analysis
The light sweet crude oil market has found itself hanging around the 200 day EMA again on Wednesday with a slightly upward tilt. This is a market that has, for a while, been pretty wild to deal with, but now we have pulled back to a previous resistance barrier, found support, and have continued to the upside.
Ultimately, this is a market that I think could continue to go to the upside given enough time, but I also recognize that short-term pullbacks will end up being a buying opportunity going forward. I think the $65 level as well as the 50 day EMA just above should offer significant support. Over the longer term, I anticipate that we will go look into the $75 level, but I think it’s more or less a grind higher, not a shot higher.
Brent Technical Analysis
Brent markets have of course done the same thing as Brent remains in lockstep with light sweet crude. And at this point in time, I do think that we are reaching towards the 200 day EMA, where the $71.60 level awaits. Anything above there, we should continue towards the $78 level. In this case, the $67 region is a significant support level. And I think it is going to do the same thing as the other grades of oil. It will gently lift into the summertime as there is more demand typically during that time of year. And of course, we have technical patterns that suggest that we are, in fact, trying to gain from here.
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.
Advertisement