Crude Oil Technical Analysis March 26, 2025
Current Price Levels and Technical Indicators:
As of 8:00 AM GMT on March 26, 2025, US West Texas Intermediate (WTI) crude oil futures are trading at approximately $69.20 per barrel.
Relative Strength Index (RSI): The RSI is currently at 60, indicating neutral market conditions without clear overbought or oversold signals.
Moving Averages: WTI crude oil is trading above its 50-day Simple Moving Average (SMA), suggesting a bullish trend.
Support and Resistance Levels:
Support: Immediate support is observed near $68.50 per barrel. A break below this level could lead to a decline toward $67.00.
Resistance: The first resistance level is at $70.00 per barrel. A decisive move above this level could pave the way for further gains toward $72.00.
Fundamental Factors:
Several factors are influencing crude oil prices:
Supply Concerns: The U.S. is intensifying efforts to limit oil exports from Venezuela and Iran, contributing to supply fears and supporting higher prices.
Inventory Data: An industry report indicated a significant contraction in U.S. crude stockpiles, adding bullish pressure to the market.
Trade Policy Uncertainty: President Donald Trump’s proposed tariffs on countries purchasing oil or gas from Venezuela have introduced volatility, briefly boosting oil prices.
Conclusion:
Crude oil prices are experiencing upward momentum, supported by supply concerns and inventory data. Technical indicators suggest a bullish trend, but market participants should remain cautious of geopolitical and policy developments that could introduce volatility.