Crude Oil Price Forecast for Next Week

Published Date: January 18, 2026
Updated Date: January 18, 2026
By Team Choice

Crude Oil Price Forecast for Next Week (19th - 23th January 2026)

US Oil prices witnessed a highly volatile week after breaking out of a long-term bearish consolidation range. Prices move +5.5% gain, although mid-week volatility saw a sharp -5.7% intraday decline before stabilizing. The market eventually closed the week at $59.23/barrel, indicating resilience after the breakout. US Oil managed to sustain above crucial demand zones, with support firmly placed at $58–$56, indicating strong buying interest on declines. Immediate resistance is seen at $62.5–$65, where supply pressure may emerge.

Crude Oil (January Contract) settled at 5,423, trading above its 20 and 50 DEMA, placed at 5,310, but continued to face resistance near the 200 DEMA at 5,445, indicating that the broader trend remains in a recovery phase rather than a confirmed reversal. Meanwhile, MCX Crude Oil (February Contract) closed the week at 5,449, maintaining strength above key 20, 50, and 100 DEMA levels, clustered between 5,297 and 5,341, reflecting improving short-term structure. Open Interest in the February contract increased by nearly 4,900 lots, suggesting fresh long participation rather than mere short covering .From an indicator perspective, RSI stands near 56.86, moving toward the neutral-to-positive zone and signaling improving momentum without entering overbought territory. The MACD histogram continues to show gradual positive convergence, hinting at strengthening bullish momentum. Volume activity picked up during the recent upmove, supporting the sustainability of the recovery as long as prices hold above near-term supports.

Overall, Crude Oil continues to exhibit a sideways-to-bullish outlook, with traders advised to maintain a buy-on-dips strategy near support zones while closely monitoring price behavior around resistance bands for confirmation of sustained upside momentum..