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Crude Oil Price Outlook – Crude Oil Slips in Holiday Trading
Updated: Jul 4, 2025, 14:53 GMT+00:00
The oil markets continued to see a lot of back and forth, but in the shortened holiday session on Friday, we saw the market drop a bit. Nonetheless, it looks like there is still a significant amount of support below.
WTI/CL Technical Analysis
The light sweet crude oil market has dropped a little bit during the trading session on Friday, which I wouldn’t read too much mainly due to the fact that there would have been a lack of volume due to the Independence Day holiday. Quite frankly, most trading is done in the United States in the CL contract. So again, I don’t really care what happened during the day on Friday as there was no external news or external shocks to really get the market moving. The $65 level below should continue to be support as it was previous resistance. And I’ll watch it if we pull back towards that area and see if we get a bit of a bounce.
I do think that crude oil is about to start rallying due to the fact that this time of year is typically fairly bullish. And of course, the jobs number was actually higher than anticipated. So, there should be demand anyways. Ultimately, I think we had just formed a massive bottoming pattern and the war between Iran and Israel was just the excuse to break out. Now that we’re back into peace, we’re going to see a more normal kind of grind to the upside.
Brent Technical Analysis
Brent markets look very much the same. And as you can see, the Brent market has broken above the $67 region, broke back to it, bounced, and now it looks like that area probably offers a little bit of support. Ultimately, I think this is the same thing as the light sweet crude oil contract. I do think that we will grind, but it doesn’t necessarily mean that it will be very quick to do so. I think you’ve got a situation where we’ll gradually lift over the course of the summer.
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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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