Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Crude Oil Price Forecast: WTI Retreats from $95.00, Brent Follows

Crude Oil Price Forecast: WTI Retreats from $95.00, Brent Follows

Tammy Da Costa, Analyst
What's on this page

Crude Oil, WTI, Brent – Talking Points

  • Crude oil prices retreat after eight weeks of gains
  • Russia-Ukraine tensions support rising prices
  • Higher energy costs buoy concerns over rising inflation
How to Trade Oil
How to Trade Oil
Recommended by Tammy Da Costa
How to Trade Oil
Get My Guide

Potential Russia-Ukraine Invasion Boost Demand for Oil

Crude oil prices have continued to remain above the key psychological level of $90,00 as rising Russia-Ukraine tensions support the upward trajectory.

After eight consecutive weeks of gains, WTI crude oil prices temporarily threatened the upper bound of the rising channel resistance before easing back towards the $90,00 mark.

Understanding the Core Fundamentals of Oil Trading
Understanding the Core Fundamentals of Oil Trading
Recommended by Tammy Da Costa
What drives Oil Prices?
Get My Guide

With price action recently making fresh seven-year highs, the 61.8% Fibonacci level (of the historical move) continues to provide support at $91.00 with additional support held by the 50-day MA (moving average) at around $81,00.

US Crude (WTI Crude) Weekly Chart

Chart prepared by Tammy Da Costa using TradingView

As the CCI (commodity channel index) trades in overbought territory on both the weekly and daily chart, bulls will need maintain dominance over the primary trend. A break above the $96.23 Fibonacci retracement, leaving the door open for $100,00.

US Crude Oil (WTI) Daily Chart

Chart prepared by Tammy Da Costa using TradingView

Oil - US Crude Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -6% 1%
Weekly -9% 24% -4%
Learn how to use Sentiment in your trading strategy
Get My Guide

Similarly, Brent Crude has recently rebounded off of channel resistance, forcing prices back below $96.00 which remains as resistance for the imminent move.

While rising energy prices and geopolitical risks may continue to support rising prices, a shift in oil supply or the Russia-Ukraine narrative may pose as an additional catalyst for the imminent move.

UK (Brent) Oil Daily Chart

--- Written by Tammy Da Costa, Analyst for

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.