Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (30th March - 3rd April 2026)

WTI crude oil futures surged 7.53% to above $101 per barrel on Friday, marking their highest level since July 2022, while posting a weekly gain of around 3%. MCX crude also extended its rally, closing upside move for the fourth consecutive week, primarily supported by escalating uncertainty surrounding the ongoing conflict between United States and Iran, which raised fears of prolonged supply disruptions. The conflict has significantly impacted global energy flows, with shipments through the Strait of Hormuz—which handles nearly one-fifth of global crude and LNG supply—nearly halted, prompting the International Energy Agency to label it a historic disruption. US has sent a ceasefire report to Iran, which is reviewing but not planning talks. Trump's 15-point plan includes eliminating Iran's enriched uranium, halting enrichment, restricting its missile program, and stopping financial support for allies. The conflict has disrupted shipments through the Strait of Hormuz, significantly impacting global oil supply. Iran's Foreign Minister indicated that US and Iranian communications have occurred, acknowledging a shift in Washington's stance. Rising tensions, potential U.S. troop deployment, and threats to shipping routes continue to elevate risk premiums, keeping oil prices strongly supported.

MCX Crude Oil prices witnessed a volatile trading week, with prices surging nearly +16% from the weekly low, reflecting strong buying interest supported by firm momentum and sustained bullish sentiment. The April contract closed the week at 9,402, maintaining strength above all key moving averages. 20-50-100-200DEMA placed at 8280, 7727, 6512 & 6096 respectively, indicating a well-established upward trend across short-, medium-, and long-term timeframes. The price structure continues to form higher highs and higher lows, suggesting continuation of positive momentum. Open Interest increased by +1,600 lots alongside the price rise, confirming fresh long build-up in the market. Technical indicators remain supportive of bullish momentum. RSI is holding near 65.86 with signal around 65.95, reflecting strong momentum without entering extreme overbought territory, leaving room for further upside. We look for expecting continuation of bullish trend with current price action. Traders may look for buy-on-dips opportunities, as the broader trend remains firmly bullish unless key moving averages are decisively breached.

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Prediction given by Technical Research Team - Choice.