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Crude Oil Price Outlook – Crude Oil Continues to See Volatility
Published: Jul 10, 2025, 13:46 GMT+00:00
The crude oil market continues to see a lot of noise, but at this point, we are trying to build the necessary momentum to really get moving. At this point, the market should find some support underneath current levels.
WTI/CL Technical Analysis
The light, sweet crude oil market initially tried to rally a bit but continued to struggle with the 200 day EMA. The 200 day EMA is an indicator that a lot of people pay close attention to. So, it makes sense that it is a little bit in the realm of dynamic resistance, but I think a pullback here probably attracts value hunters as we had broken above the crucial $65 level, granted, during the conflict between Israel and Iran, plunged towards the $65 level to substantiate market memory as it was significant resistance, it’s now support.
So, I think as we go looking towards the 50 day EMA, it’s very likely the traders will come back into the picture. Oddly enough, yesterday’s inventory number in the United States was horrible. There was over 7 million barrels in inventory, more than the 1.5 million or so that was expected, and oil rallied most of the day. So, it is a very odd market right now. I do think that the pullback probably gets buyers jumping in to try to pick it up and take the market higher over the next several months, but it’s going to be more of a grind than anything else.
Brent Technical Analysis
Brent markets look very much the same. We formed a little bit of a micro double top on Wednesday and Tuesday. And now it looks like we may drift towards the 50 day EMA as well. The $67 level and the $68 level both offer an area of interest, maybe a zone might be a good way to look at it. So, I think if we get anywhere close to the 50 day EMA, there will be buyers looking to protect that $68 region. If the market can rally from here, the $71 level being broken would open up the possibility of a move to the 200 day EMA. All things being equal, this is a market that continues to be very noisy and choppy, but I also recognize that this time of year is typically bullish.
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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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