Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (5th October- 09th October 2026)

WTI Crude Oil prices fell nearly 4% WoW to around $89/bbl, pressured by expectations of strategic reserve releases in Europe to ease rising fuel costs. EU governments reportedly considered a French proposal to tap crude and fuel stockpiles amid pressure to address diesel shortages and stabilize supplies. Meanwhile, Middle Eastern crude flows have recovered closer to pre-war levels, easing immediate supply concerns. However, the recovery remains fragile as tensions around the Strait of Hormuz persist, with at least three tanker attacks reported during the week. Iran and Houthi forces also targeted regional refineries, while Ukrainian strikes on Russian refining infrastructure prompted Moscow to restrict diesel exports. In addition, Chinese refiners canceled some planned October gasoline and jet fuel exports. Overall, geopolitical risks and supply disruptions continue to keep the crude outlook volatile.

MCX Crude Oil prices witnessed a highly volatile amid ongoing geopolitical developments, with prices closing at 9,008, above all the key moving averages. The 20-50-100-200 DEMA are placed at 8803, 8337, 7892 and 7206 respectively, indicating that the broader technical structure remains supportive despite the recent fluctuations. Open Interest (Ol) has slightly declined at 11,000 lots, indicating some reduction in market participation and a lack of strong fresh directional positioning. The RSI stands at 59.61, above its signal line at 55.53, reflecting that momentum remains positive but has moderated from the recent higher levels.

Overall, MCX Crude Oil continues to show a volatile trend, with geopolitical developments likely to remain a key driver of near-term price movements, traders should remain cautious due to elevated volatility and monitor geopolitical news and updates closely.

We are expecting Moderately 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.