Current Oil Forecast

Oil on the Fundamental Level

Crude oil prices rose slightly on Thursday before retreating again, swinging between slight gains and losses as geopolitical tensions in the Middle East eased.

President Donald Trump announced that Israel and Hamas had agreed to the first phase of the peace plan, including the release of prisoners held in Gaza, a major achievement in the talks.

On the supply side, US crude inventories rose for the second week in a row but remained close to their seasonal lows, according to data from the US Energy Information Administration.

Oil on the Technical Side

Crude oil rose today to $62.40 a barrel, then began to decline on the short-term charts.

It is currently attempting to establish a negative divergence on the hourly MACD and lower-term charts.

From there, we are targeting $61.10 as an initial target, followed by $60.30 as a second target.

This scenario fails if the $60.70 level is broken upwards.