Crude Oil Technical Analysis April 3, 2025
Current Price Levels and Technical Indicators:
As of 08:00 GMT on April 3, 2025, West Texas Intermediate (WTI) crude oil is trading at approximately $69.52 per barrel, reflecting a decline of 3.05% from the previous close.
The 14-day Relative Strength Index (RSI) is currently at 40, indicating that crude oil is approaching oversold territory. The commodity is trading below its 50-day and 200-day Simple Moving Averages (SMAs), suggesting a bearish trend.
Support and Resistance Levels:
Support Levels:
$68.50: Immediate support level observed during the current trading session.
$67.00: Psychological support level.
Resistance Levels:
$70.00: Immediate resistance level.
$71.50: Next significant resistance level.
Fundamental Factors:
The recent announcement by U.S. President Donald Trump of sweeping new tariffs has significantly impacted global markets, including the crude oil sector. While oil imports have been exempted from these tariffs, the broader economic implications have led to concerns over reduced global demand for crude oil.
Additionally, the Energy Information Administration (EIA) reported an increase in U.S. crude oil inventories, further exerting downward pressure on prices.
Conclusion:
Crude oil is currently under bearish pressure, influenced by technical indicators and recent geopolitical developments. Traders should monitor the key support and resistance levels mentioned, as well as stay informed on any further economic announcements or policy changes that could impact market sentiment.