Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (6th July - 10th July 2026)

WTI Crude Oil prices closed near $68.77 and ended the week steady as traders sought to secure supplies. However, prices remained at their lowest level since February 27 because shipping activity through the Strait of Hormuz continued to recover and hopes increased for a permanent U.S.-Iran peace deal. The United Arab Emirates restored exports to more than 3.9 million barrels per day, while Saudi Arabia boosted shipments to Asia, lifting total flows through the Strait above 10 million barrels a day. Saudi crude exports have rebounded to about 90% of pre-war levels. Meanwhile, OPEC+ is expected to raise August output targets by 188,000 bpd, matching June and July increases. Markets also monitored ongoing US-Iran negotiations and the upcoming OPEC meeting for further supply guidance.

MCX Crude Oil prices extended their bearish momentum for the fourth consecutive week, closing at 6,568. Prices are trading below all key daily moving averages, with the 20-50-100-200 DEMA placed at 7,226, 7,300, 7,873 and 7,927 respectively, reflecting sustained weakness in the short- to medium-term trend. However, prices continue to hold above the crucial 200 Weekly EMA support near 6,306, which remains an important level to watch for the broader trend. Open Interest (Ol) stood at around 20,040 lots, indicating continued market participation amid the ongoing decline. Momentum indicators remain weak, with RSI hovering near 31.15, approaching the oversold zone, suggesting bearish momentum persists, although the pace of selling could moderate near key support levels.

Overall, the trend remains moderately bearish for the near term. Traders should closely monitor the support zones, as a sustained break below this level could accelerate downside momentum, while any recovery would require prices to regain.

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Prediction given by Technical Research Team - Choice.