Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (19th October- 23th October 2026)

WTI Crude oil prices surged above $100 per barrel, gaining over 11% for the week amid tightening global supply and strong shipping-sector fuel demand. Iranian strikes on tankers in the Strait of Hormuz disrupted oil flows, with average daily shipments falling to 11.62 million barrels in the week to October 13, against a baseline of 17.15 million barrels. Ukrainian drone attacks on Russian refineries and an 8.56-million-barrel drawdown in US crude inventories further supported prices. These supply concerns outweighed the IEA's planned release of the remaining 100 million barrels from its emergency reserves. Meanwhile, potential easing of oil-related sanctions and ongoing geopolitical tensions remain key factors influencing market direction and global inflation risks.

MCX Crude Oil prices extended their bullish momentum for the second consecutive week, recovering strongly after finding support near the weekly low of 8,610 and closing at 9,572. Prices are sustaining above all the key moving averages, with the 20-50-100-200 DEMA placed at 8,947, 8,550, 8,087 and 7,373 respectively, indicating a positive short- to long-term trend structure. Open Interest (Ol) stands at around 7,580 lots, showing a slight increase alongside rising prices, which suggests some fresh participation supporting the ongoing up move. The RSI is placed at 64.66, above its signal line at 54.11, indicating strengthening bullish momentum.

Overall, the trend remains moderately bullish, with the broader technical structure favouring a buy-on-dips approach. Traders should closely monitor the support zones. At the same time, geopolitical developments and changes in crude oil supply expectations may contribute to volatility. Therefore, traders should maintain appropriate risk management and avoid aggressive positions during sharp price swings.

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Prediction given by Technical Research Team - Choice.