Crude Oil Technical Analysis April 7, 2025
Current Price Levels and Technical Indicators:
As of 8:00 AM GMT on April 7, 2025, West Texas Intermediate (WTI) crude oil is trading at approximately $59.79 per barrel.
Relative Strength Index (RSI): The RSI is at 23.77, indicating that crude oil is in oversold territory.
Moving Averages:
The 50-day Simple Moving Average (SMA) is at $64.48, and the 200-day SMA is at $68.82. The current price trading below these averages suggests a strong bearish trend.
Support and Resistance Levels:
Support: Immediate support is observed at $59.00 per barrel.
Resistance: The first resistance level is at $61.00 per barrel.
Fundamental Factors:
The recent implementation of extensive U.S. tariffs has intensified fears of a global recession, leading to a significant decline in oil prices. Additionally, Saudi Arabia’s decision to slash its flagship crude price by the most in over two years has further pressured the market. Goldman Sachs has also revised down its annual average price forecasts for Brent and WTI crude in 2026, citing increased recession risks and the possibility of higher-than-expected OPEC+ supply.
Conclusion:
Crude oil is currently exhibiting strong bearish momentum, with key support at $59.00 and resistance at $61.00. Traders should monitor ongoing trade tensions, OPEC+ production decisions, and global economic indicators, as these factors could significantly influence price movements.