Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (9th - 13th March 2026)

MCX crude oil futures logged a weekly gain of around 5%, supported by escalating geopolitical tensions after Donald Trump said he is considering a limited military strike on Iran and warned Tehran it has 15 days to secure a nuclear deal. The US is undertaking its largest Middle East military buildup since 2003, raising fears of wider conflict. Iran produces over 3 million barrels per day, roughly 3% of global output, and could disrupt supplies through the Strait of Hormuz. Prices were further underpinned after the US Supreme Court struck down Trump's reciprocal tariffs under IEEPA, prompting him to announce a fresh 10% global tariff under Section 122 and new Section 301 probes. Supply data added bullish momentum, with US crude inventories falling by 9.014 million barrels in the week ended February 13 versus expectations of a 2.1 million barrel build, while Cushing stocks declined by 1.095 million barrels. Saudi exports fell to 6.988 million bpd, while Venezuela's January exports jumped over 50% month-on-month.

USOIL prices witnessed a sharp surge of +8.3% over the week, supported by global concerns that strengthened bullish sentiment across energy markets. The key support zone remains intact around 62.10-61.10, which continues to act as a crucial base for the ongoing upmove and reinforces the positive structure as long as prices sustain above this range. Crude Oil - March contract prices rallied by +489 points during the week after finding strong support in the 5620-5500 zone and eventually closed at 6042. The contract is now trading firmly above all key moving averages, with 20-50-100-200 DEMA placed at 5783, 5610, 5567 and 5527 respectively. Sustaining above these short- to long-term dynamic averages indicates strengthening trend alignment and confirms continuation of upward momentum. Open Interest (OI) increased by around 5300 lots during the week along with rising prices, signaling fresh long build-up and supportive participation in the rally. RSI is holding in the higher range, reflecting strengthening momentum without extreme overbought signals. MACD remains in positive territory with widening signal line spread, indicating continuation of bullish momentum, while the histogram suggests improving buying pressure.

Overall, the trend in Crude Oil remains firmly bullish, with prices sustaining above key moving averages and support zones. Traders may continue to adopt buy-on-dips strategies as long as price holds above support.

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Prediction given by Technical Research Team - Choice.