Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (3rd Aug - 07th Aug 2026)

WTI Crude Oil prices declined on a weekly basis as tanker traffic through the Strait of Hormuz recovered, easing immediate concerns over supply disruptions after recent delays. Saudi Arabia also held talks with representatives from 43 countries to establish a maritime coalition aimed at securing Sea shipping routes. Despite the weekly decline, crude gained over 20% in July, marking its strongest monthly rise since March, supported by escalating geopolitical tensions and tightening supply expectations. The renewed US-Iran conflict, continued Houthi attacks, and Saudi strikes on Iran-backed groups kept risks to regional energy infrastructure elevated. Additional support came from falling US crude inventories and attacks near Russia's Black Sea export facilities, raising concerns over Kazakhstan's oil exports. Markets will closely track geopolitical developments as the United States and Israel are preparing possible strikes on Iranian energy infrastructure this weekend, kept risk premium elevated ahead of OPEC+ output talks this week.

MCX Crude Oil August contract has resumed past week on a negative note with gapped down at 8260, declined marginally to 7464, managed to rebound significantly from this low and settled at 8096. Price has formed a Bearish Hammer candle on Weekly chart, suggesting a strong buying pressure from bottom levels and traders are having a bull-bias for the momentum. On Daily chart, price has remained over 50 and 200-DEMA levels placed at 7868-7379 respectively. Daily SAR is placed on the opposite side of 8854. The momentum indicator, RSI remained over 50 mark on Daily as well as Weekly chart. Also, we can observe a bullish crossover on 4-hourly MACD below zero-line along with positive histograms.

We are expecting Sideways-to-Bullish trend in Crude oil price in upcoming week and traders should look for Buy-on-dips opportunity.

Related Blogs

Gold Price Forecast for Next Week: Get the latest prediction for gold prices to guide better investment decisions.

Natural Gas Price Prediction for Next Week: Explore the anticipated price range for natural gas in the upcoming week.

Silver Price Prediction for Next Week: Stay informed with next week's forecast for silver prices to track market trends effectively.

Copper Price Forecast for Next Week: Prepare for the upcoming week with valuable insights into copper price movements.

Prediction given by Technical Research Team - Choice.