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WTI crude oil futures prices rose during the European session on Thursday (April 17), approaching the key level of $63.34. A confirmed break above this level would establish a short-term bottom of $55.12 and open the door to testing the 50-day moving average of $67.72, followed by the 200-day moving average. These trend indicators are the last technical resistance before the market challenges the high of $72.28. Support remains at $59.23.
A new round of US sanctions on Iran exacerbates supply concerns
Crude oil prices are expected to achieve their first weekly gain in three weeks, supported by a new round of US sanctions on Iranian oil exports. Tough talk from the U.S. Treasury has heightened concerns about tightening global supply, pushing both benchmarks to their highest level since April 3.
OPEC confirms further production cuts
The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that it had received updated plans for further production cuts from Iraq, Kazakhstan and other countries after they exceeded their production quotas. The pledges are aimed at bringing production back in line with agreed targets and further fuel expectations of tighter supplies.
EIA data sends mixed signals on supply
U.S. crude oil inventories rose by 515,000 barrels last week to 442.9 million barrels, slightly above market expectations. The increase in inventories comes despite a sharp increase in crude oil exports, which surged by 1.8 million barrels per day to 5.1 million barrels, the highest level in nearly a year. However, a large adjustment of up to 722,000 barrels per day in the "unrecorded crude" item balanced the U.S. Energy Information Administration (EIA) data, weakening the impact of the export surge on inventory reductions.
Finished product inventories sent a stronger bullish signal. Gasoline stocks fell by 2 million barrels, while distillate stocks fell by 1.9 million barrels to the lowest level since November 2023. Cushing inventories also fell by 654,000 barrels.
Oil Price Forecast: Bullish Short-Term Outlook
Crude oil prices are expected to rise further as supply tightens due to sanctions on Iran, OPEC production cuts are reaffirmed, and refined product inventories show a significant decline. A close above $63.34 would strengthen the bullish trend, especially on the back of continued strong exports and lower inventories. In the short term, the market still tends to be bullish.
USOIL USOIL $SWISSQUOTE:USOILK2025 USOIL
WTI crude oil futures prices rose during the European session on Thursday (April 17), approaching the key level of $63.34. A confirmed break above this level would establish a short-term bottom of $55.12 and open the door to testing the 50-day moving average of $67.72, followed by the 200-day moving average. These trend indicators are the last technical resistance before the market challenges the high of $72.28. Support remains at $59.23.
A new round of US sanctions on Iran exacerbates supply concerns
Crude oil prices are expected to achieve their first weekly gain in three weeks, supported by a new round of US sanctions on Iranian oil exports. Tough talk from the U.S. Treasury has heightened concerns about tightening global supply, pushing both benchmarks to their highest level since April 3.
OPEC confirms further production cuts
The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that it had received updated plans for further production cuts from Iraq, Kazakhstan and other countries after they exceeded their production quotas. The pledges are aimed at bringing production back in line with agreed targets and further fuel expectations of tighter supplies.
EIA data sends mixed signals on supply
U.S. crude oil inventories rose by 515,000 barrels last week to 442.9 million barrels, slightly above market expectations. The increase in inventories comes despite a sharp increase in crude oil exports, which surged by 1.8 million barrels per day to 5.1 million barrels, the highest level in nearly a year. However, a large adjustment of up to 722,000 barrels per day in the "unrecorded crude" item balanced the U.S. Energy Information Administration (EIA) data, weakening the impact of the export surge on inventory reductions.
Finished product inventories sent a stronger bullish signal. Gasoline stocks fell by 2 million barrels, while distillate stocks fell by 1.9 million barrels to the lowest level since November 2023. Cushing inventories also fell by 654,000 barrels.
Oil Price Forecast: Bullish Short-Term Outlook
Crude oil prices are expected to rise further as supply tightens due to sanctions on Iran, OPEC production cuts are reaffirmed, and refined product inventories show a significant decline. A close above $63.34 would strengthen the bullish trend, especially on the back of continued strong exports and lower inventories. In the short term, the market still tends to be bullish.
USOIL USOIL $SWISSQUOTE:USOILK2025 USOIL 
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Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.