U.S. crude oil prices look ready to bounce from a key support zone.
Will the Black Crack see upswings in the next few days?
We’re checking out what’s up on the asset’s daily chart!
WTI Crude Oil (USOIL) Daily Chart by TradingView
U.S. crude oil hasn’t had the best start to 2025, with prices sliding from around $80.50 at the beginning of the year to March lows near $65.45. Turns out, a tariff war, global growth worries, and OPEC’s planned output increase by April haven’t exactly helped the supply-demand outlook.
The U.S. dollar, despite facing pressure from slowing growth and rising Fed rate cut bets, has still managed to attract some safe-haven flows in recent weeks.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on crude oil and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
All of this has pushed crude oil down to the $66.00–$67.00 zone—a major level of interest since April 2019. That’s around the time we found out Captain America was worthy of wielding Mjolnir in “Avengers: Endgame”!
This time, U.S. crude oil prices may also be finding support from the S1 ($67.16) Pivot Point on the daily chart.
Watch for green candlesticks and consistent trading above the March consolidation and $68.00, which could draw in buyers aiming for the psychological $70.00 mark or even the previous highs near $72.80.
On the flip side, if crude extends its 2025 slide, a drop below $65.00 could open the door for a move toward its 2023 or 2021 lows, with potential support kicking in around $63.00 or $62.50.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!
