Crude Oil Price Forecast – November 7, 2024

by Jennifer

Crude oil prices are currently under negative pressure, moving below the $72.15 level, which suggests a potential decline in the coming sessions. The next support target is seen at $70.58 before any possibility of a rebound.

To maintain the bullish outlook, oil prices need to regain and stabilize above the $72.15 level. If this occurs, the positive scenario could be revived, with the next key target at $73.71.

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Today’s expected trading range for crude oil is between support at $71.10 and resistance at $74.10.

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Trend Outlook: Bullish

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