Crude Oil Weekly Outlook: Rebound or Trap?
Crude oil is rebounding from the $73.50 low on oversold conditions, Strait of Hormuz risk, and ongoing inventory drawdowns, though it may be a short term bounce within a broader decline. Razan Hilal, CMT and FOREX.com Market Analyst, breaks down the levels from $73.50 to the $85 zone and explains why US Iran nuclear talks may decide the next move.
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Crude oil is rebounding from the $73.50 low on oversold conditions, Strait of Hormuz risk, and ongoing inventory drawdowns, though it may be a short term bounce within a broader decline. Razan Hilal, CMT and FOREX.com Market Analyst, breaks down the levels from $73.50 to the $85 zone and explains why US Iran nuclear talks may decide the next move.
Key Events to Watch
- US crude inventories: last at -8.4M, marking a five-month low and reinforcing ongoing supply risks
- Strait of Hormuz disruption risks, tied to continued Lebanon conflict spillovers, remain a key threat to the US–Iran peace process
Key Levels to Watch
- Above 76.20, the rebound may extend to 78, 82, and 85, with scope for corrective pullbacks
- Below 73.50, downside momentum could accelerate toward 67 and 61
The mentioned levels are explained in the video below, and in the Daily MENA market call webinar. Register here
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.
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