Crude Oil Technical Analysis March 12, 2025
As of March 12, 2025, crude oil prices have experienced notable fluctuations, influenced by a combination of technical indicators and fundamental factors. This analysis provides an overview of the current price levels, technical signals, support and resistance zones, and the underlying elements impacting the crude oil market.
Current Price Levels and Technical Indicators:
At 12:00 PM GMT on March 12, 2025, Brent Crude oil futures are trading at $70.07 per barrel, reflecting a 0.7% increase from the previous session. Similarly, U.S. West Texas Intermediate (WTI) futures have risen by 0.8%, reaching $66.77 per barrel.
Key technical indicators include:
- Relative Strength Index (RSI): The RSI is currently at 61, indicating a neutral market position without overbought or oversold pressures.
- Moving Averages: Crude oil prices are trading above the 50-day Simple Moving Average (SMA), suggesting a continuation of the bullish trend.
- MACD Indicator: The Moving Average Convergence Divergence (MACD) shows a bullish crossover, reinforcing the current upward momentum.
Support and Resistance Levels:
Identifying key support and resistance levels is crucial for anticipating potential price movements:
- Immediate Resistance: The first resistance level is at $71.00, followed by $72.00, and $73.00.
- Support Levels: The immediate support level is at $69.00, with subsequent supports at $68.00 and $67.00.
Fundamental Factors:
Several fundamental factors are influencing crude oil prices:
- Dollar Strength: A weaker U.S. dollar has contributed to higher oil prices, making crude oil more affordable for buyers using other currencies.
- Tariff Concerns: Ongoing concerns about U.S. tariffs and their potential impact on global economic growth have capped oil price gains, as markets anticipate possible reductions in demand.
- Inventory Data: Recent reports indicate an increase in U.S. crude oil inventories, with the American Petroleum Institute (API) reporting a rise of 4.247 million barrels for the week ending March 7, 2025, exceeding market expectations.
- OPEC+ Production Decisions: Key members of the OPEC+ alliance have postponed planned production increases due to weaker-than-expected demand and increased output from non-allied countries, influencing global supply dynamics.
Conclusion:
Crude oil prices are currently supported by a weaker U.S. dollar and ongoing geopolitical developments. However, concerns over tariffs, inventory increases, and production decisions by major oil-producing nations present challenges to sustained price gains. Traders should monitor these factors closely, along with key support and resistance levels, to navigate the evolving crude oil market effectively.