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Crude Oil Price Outlook – Crude Oil Drifts a Touch Lower
Published: Oct 30, 2025, 13:21 GMT+00:00
Crude oil softened early Thursday, hovering near $60 amid concerns over sluggish demand and persistent oversupply. Despite new sanctions on Russia, the market’s outlook remains weak, with resistance seen near $62–$67 and $60 acting as key support.
WTI/CL Technical Analysis
The light sweet crude oil market fell a bit in the early hours on Thursday as we continue to hang around the $60 level. The $60 level, of course, is an area that a lot of people will be watching as it’s a large, round, psychologically significant figure. It’s also the top of the gap that formed during the session the other day when the Americans announced another round of sanctions against Russia.
At the end of the day, though, there isn’t a whole lot out there that changes the overall outlook for this market, because even though we have more sanctions, let’s be honest here, the Russians have been able to put oil into the market the entire time. I just don’t see how that changes. Furthermore, we have to worry about demand, and demand might be a little sluggish here. I look at $62 as a bit of a short-term ceiling, and I do think we probably generally drift lower.
Brent Technical Analysis
Brent markets look very much the same, as we are hanging around the $64 level, and it looks like we are getting ready to try to drift toward the bottom of the gap. We’ll just have to wait and see. The gap being filled is something that makes a bit of sense, but really, I think what you’re paying attention to more than anything else is that the $60 level is a major floor in the market. A rally at this point in time would likely find significant resistance at the $67 level, right along with the 50-day EMA. Again, I think this comes down to an oversupply in the market, and really, at this point in time, you have to keep in mind that if the global economy is in fact slowing down, that oversupply is toxic for pricing.
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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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