The current crude oil price stands at 60.49, a level shaped by multiple factors. On the supply side, news of an OPEC+ planned production increase has exerted significant pressure on the market. Although the specific details of the July production increase have not yet been finalized, expectations of higher output have spread, fueling concerns that a substantial increase in future crude oil supply will depress prices. At the same time, there are new developments in the U.S. shale oil industry: recent resumptions of production by some shale oil companies have led to rising output, further increasing uncertainties on the supply side.
On the demand side, the situation is equally bleak. Slower global economic growth and poor economic data in some countries have resulted in weak growth in industrial demand for crude oil. Moreover, with continuous advancements in new energy technologies, more and more sectors are adopting new energy as a substitute for traditional crude oil. For example, the popularity of electric vehicles has reduced demand for gasoline, thereby impacting overall crude oil demand.
Considering both supply and demand factors, the outlook for crude oil prices next week is pessimistic, and prices may continue to face downward pressure. If OPEC+ confirms a large-scale production increase plan at its upcoming meeting, expectations of higher supply will be further reinforced, and oil prices are likely to fall. However, the crude oil market is highly volatile, and geopolitical factors cannot be ignored. If instability emerges in the Middle East—such as escalated geopolitical conflicts affecting crude oil production and transportation—oil prices could unexpectedly rebound. Based on current information, however, the likelihood of a downward adjustment in crude oil prices next week remains high under the dual pressures of increased supply and weak demand.
USOIL next week trend analysis, hope it helps you
USOIL SELL61~60.5
SL:62
TP:60~59.5
On the demand side, the situation is equally bleak. Slower global economic growth and poor economic data in some countries have resulted in weak growth in industrial demand for crude oil. Moreover, with continuous advancements in new energy technologies, more and more sectors are adopting new energy as a substitute for traditional crude oil. For example, the popularity of electric vehicles has reduced demand for gasoline, thereby impacting overall crude oil demand.
Considering both supply and demand factors, the outlook for crude oil prices next week is pessimistic, and prices may continue to face downward pressure. If OPEC+ confirms a large-scale production increase plan at its upcoming meeting, expectations of higher supply will be further reinforced, and oil prices are likely to fall. However, the crude oil market is highly volatile, and geopolitical factors cannot be ignored. If instability emerges in the Middle East—such as escalated geopolitical conflicts affecting crude oil production and transportation—oil prices could unexpectedly rebound. Based on current information, however, the likelihood of a downward adjustment in crude oil prices next week remains high under the dual pressures of increased supply and weak demand.
USOIL next week trend analysis, hope it helps you
USOIL SELL61~60.5
SL:62
TP:60~59.5
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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.