Crude Oil Weekly Forecast 06/07: Price Range Holds (Chart)

(MENAFN- Daily Forex)

• WTI Crude Oil maintained its lower price last week and finished its trading near the 65.650 ratio, but this price will be challenged early on Monday.
• Big WTI Crude Oil traders were largely absent from the marketplace from mid Thursday into the weekend. Independence Day in the U.S certainly had an effect on volumes, and speculators who want to pursue the commodity early on Monday should watch the first hour or two carefully.
• This because there is certain to be a reaction as WTI Crude Oil looks for equilibrium after the holiday.
• Interestingly the price of WTI Crude Oil essentially finished within sight of Wednesday's prices which were higher than last week's opening which began below the 65.000 USD mark.
• Having finished trading earmarked around 65.650, now leaves the commodity open to technical perspectives depending on outlooks. Although a high of nearly 66.750 was touched on late Wednesday of last week the higher price was not able to be sustained and may be treated rather suspiciously.

Technical Support and Resistance Perspective

WTI Crude Oil has passed a gauntlet of tests in recent weeks. The Middle East conflict between Iran and Israel and its eventual ceasefire have been seen, and a rather optimistic global outlook regarding supply for energy remains. The price range of WTI Crude Oil remains within its lower long-term range, and the ratios are known and it is likely a band between 64.00 and 66.00 will continue to get plenty of action.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

Technical traders will want to try and identify where WTI Crude Oil looks overbought and oversold. Fundamentals regarding global economic outlooks and prospects for growth remain important, but production and supply of Crude Oil appear quite stable. Meaning some speculators may look at prices above 65.700 as potentially being oversold. However, large players may try to influence the market and see if they can explore slightly higher values with speculative pressure Politics and Tranquil Energy Prices

President Trump's newest tariff deadline is set for the 9th of July. Perhaps this risk event could play into the price of WTI Crude Oil, but betting on this scenario may not be wise. Traders may be more inclined to simply look at the 65.25 to 64.75 levels as targets below when trading begins tomorrow if they believe lower prices will again be seen.

• The July 9th tariff date may be viewed as a rather mild risk event by folks who have become used to President Trump's rhetoric.
• Values in WTI Crude Oil are likely to find a rather polite range this week, unless there is a surprising news development which shakes the energy sector.
• Technical day traders will simply be trying to take advantage of short and near-term trends which will be influenced by large players in the marketplace.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 64.150 to 66.200

The price of WTI Crude Oil remained within a known price range last week, and even with the 4th of July Independence Day celebrations did not cause much momentum outside of its known realms. Day traders should remain realistic with their targets. The use of conservative leverage may allow speculators a chance to allow WTI Crude Oil traverse within its accepted support and resistance levels and be taken advantage of with take profit orders working in advance.

At 65.650 entering this week's trading the price of WTI Crude Oil can be perceived to be in a middle ground. Perhaps waiting for the price of the commodity to inch higher and then selling could be a good wager. And if WTI Crude Oil enters a lower price realm near the 64.750 to 64.500 vicinities it could be deemed to be oversold and a prospect for speculative buying.

Ready to trade our weekly forecast ? Here's a list of some of the best Oil trading platforms to check out.

MENAFN06072025000131011023ID1109765847