Crude Oil Outlook for Next Week key levels to watch either upside or downside..!
Fundamental Analysis:
The Federal Reserve’s decision on interest rates will likely have an effect on oil prices, and the oil market is waiting for it. Weekly EIA data and quarterly earnings reports will also shed light on demand patterns. Oil prices may also be impacted by political action, such as withdrawals from the US Strategic Petroleum Reserve. Meetings of OPEC+ will be essential in deciding on production levels and the world supply.
Technical Analysis:
Next week, the following critical levels in Crude Oil to keep an eye on are: – $74:
If the price regains this level, a significant upward rise is likely, which might result in additional gains.
– $70-71: These levels serve as significant support, and additional weakness is likely if the price is unable to regain $74.
Important Dates to Note:
– Federal Reserve Meeting
– OPEC+ Meetings
– Quarterly Earnings Reports
– Weekly EIA Reports
