Crude Oil Price Forecast Update – June 6, 2024

by Jennifer

Current Scenario:

The crude oil price has continued its upward trajectory, reaching the awaited target of $75.25. Further positive momentum is anticipated to assist in pushing the price even higher. It’s important to note that breaching the mentioned level would propel the price towards $77.64 as the next positive station. Conversely, a break below $73.85 would halt the expected rise and subject the price to negative pressure once again.

Expected Trading Range:

The anticipated trading range for crude oil is between a support level of $73.40 and a resistance level of $76.40.


Trend Forecast:

The overall trend forecast for crude oil remains bullish.


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