Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (20th - 24th April 2026)

WTI crude futures plunged over 10% to around $85 per barrel on Friday, hitting near five-week lows, as easing supply concerns weighed on prices after Iran confirmed the reopening of the Strait of Hormuz during the ceasefire period. Sentiment improved further after Donald Trump signaled progress toward a potential US-Iran deal, including discussions on nuclear terms and oil supply, though Iran has yet to confirm. A 10-day Israel-Lebanon ceasefire also helped reduce geopolitical risk. Additional pressure came from reports that the US may release $20 billion in frozen Iranian funds, raising prospects of increased supply. Meanwhile, prolonged disruptions had already reshaped trade flows, with US crude exports surging toward record highs, pushing the country closer to net-exporter status. Also on Friday, France and Britain held a meeting of around 40 nations aimed at signalling to the U.S. that its allies are ready to play a role in restoring flows through the Strait of Hormuz once conditions allow.

MCX Crude Oil prices witnessed a sharp decline of around -24% during the week amid escalating US-Iran tensions, reflecting heightened volatility and risk-off sentiment. Prices closed the week at 7725, trading below the 20-50 DEMA placed at 8081 and 8877, while still holding above the 100-200 DEMA placed at 7185 and 6513, indicating a mixed trend structure where near-term weakness contrasts with underlying medium-term support. Open Interest declined by around 6,000 lots alongside the price fall, indicating long unwinding, though the continued price pressure also reflects persistent bearish sentiment in the market.Technical indicators highlight weakening momentum, with RSI near 41.15 and signal line around 57.43, indicating a sharp drop in momentum from higher levels and a shift toward the lower range, reinforcing the current corrective phase.

Overall trend seems moderately bearish, and traders should remain cautious around key support levels while closely tracking news flow and geopolitical developments, as these are likely to drive volatility and directional cues in the near term

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Prediction given by Technical Research Team - Choice.