Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (11th - 15th May 2026)

WTI Crude futures held above $105 per barrel on Friday, marking a second consecutive weekly gain, supported by escalating geopolitical tensions and ongoing supply disruptions linked to the US- Iran conflict and the continued closure of the Strait of Hormuz. Prospects for a peace deal remain uncertain, despite Iran submitting an updated proposal, with President Donald Trump stating progress has been made but no guarantee of resolution. Reports indicate the US is actively considering renewed military action, with plans for a short, intense strike under review. Trump also faces a 60-day War Powers deadline, requiring Congressional approval for continued military engagement. Although a ceasefire has held since early April, mutual blockades have severely restricted oil flows, prompting the International Energy Agency to warn of an unprecedented supply shock, while US crude exports have surged to record levels.

MCX Crude oil prices are currently showing a cautious tone near higher levels. Prices witnessed an upside of around +15%, while mid-week volatility dragged prices lower by nearly -10% and closed the week at 9652, above the 20-50-100-200 DEMA, which are placed at 9111, 8401, 7490, and 6679 respectively, highlighting a strong bullish structure in the medium to long term. However, recent price action suggests some hesitation near resistance zones. The decline in Open Interest (OI). which has settled around 49,540 lots, alongside falling prices, indicates long unwinding, reflecting reduced bullish participation at higher levels. From an indicator perspective, momentum signals are turning mixed. The RSI is hovering near 56.88, cooling off from higher levels and suggesting a loss in bullish momentum, though still above the neutral 50 mark Volume activity remains elevated compared to previous phases, but recent sessions show uneven participation, reinforcing indecision at current levels.

If prices struggle to sustain above the recent highs and breach immediate support levels, it could trigger a short-term bearish move. Traders are advised to remain cautious near resistance zones and closely monitor price behavior around key supports for directional cues.

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Prediction given by Technical Research Team - Choice.