Crude Oil Weekly Forecast 08/02: Reaffirmed Range? (Chart)

(MENAFN- Daily Forex) After finishing the previous week of trading above the $65.000 ratio rather comfortably, WTI Crude Oil opened this past Monday with a steep selloff to almost 63.300 and then depending on technical perspectives fought around this value the whole of last week.

WTI Crude Oil went into this weekend near the 63.490 level. The commodity touched lows around the 61.200 vicinity on Tuesday and climbed to a high on Wednesday near 65.500.

Going into this weekend WTI Crude Oil now rests at the 63.490 ratio and it will certainly open with a kick early Monday morning upon opening. WTI Crude Oil in essence seems to have established a center that acknowledges a higher price equilibrium that doesn't want to stray too far away from lower values, this by keeping resistance levels seemingly around 65.500 and using the 61.000 value as a support barrier. Obviously prices may not hold in this realm.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Near-Term Viewpoint and Looking Backwards

While some folks suggests the higher prices in WTI Crude Oil are because of worries in the Middle East regarding the Iranian situation and buildup of U.S military in the area, another consideration may be the fact that the U.S has been suffering from record cold temperatures for a few weeks. WTI Crude Oil was trading near the 59.000 level as support up until the 22nd of January.

The problem with any of the above conjecture is the notion that WTI Crude Oil may simply be higher based on speculative elements in the market, but there are winds certainly that affect behavioral sentiment. And the combination of Iran and cold in the U.S may be influencing betting decisions by big players. And now WTI Crude Oil is within a price range which was being tested in August 2025. Meaning that this particular value slot for the commodity is nothing new and Resistance Bets Coming This Week

The broad financial markets are showing signs of nervousness still. Many large traders and financial institutions appear braced for results they do not seem to trust when talking about the results being expressed in other assets.

• However, WTI Crude Oil continues to creep along in a rather well-practiced range, and this may leave the door open to speculators with the ability to wager.
• Tomorrow's open in WTI Crude Oil will be of interest considering that the week before a rather strong selloff occurred when the curtain opened.
• That seems unlikely to happen on Monday morning, this because there is likely less nervousness right now compared to this time last week.
• Meaning if WTI Crude Oil opens calmly then searching for targeted technical levels may be appealing.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 59.900 to 67.100

If WTI Crude Oil traverses higher to start Monday's trading and the 64.000 level comes into sight, then traders may want to target slightly higher ratios. Day traders should not get too ambitious, the 64.500 level could prove too be a step too high unless upwards ground is being sustained. Higher ground in WTI Crude Oil appears unlikely to sky rocket for the moment. Only more impetus via developing news regarding Iran will allow WTI to suddenly break through known resistance levels for the moment it would appear.

If WTI Crude Oil opens lower on Monday it will be interesting to see if the 63.000 support mark holds early, if it does this could mean the big players are comfortable and want to continue to allow the market its current equilibrium. However, if WTI Crude Oil falls below the 63.000 level on Monday and sustains lower values for more than a few hours it might signal that large oil firms are less nervous about their outlooks, which may allow for additional legs downward.

Ready to trade our weekly forecast ? We've shortlisted the best Forex Oil trading brokers in the industry for you.

MENAFN08022026000131011023ID1110712094