Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Crude Oil Forecast: Crude Falls After NFP Jobs Number Surprises

Crude oil drops post-NFP amid US inflation worries. WTI nears key $72 level, with supports at $70, $68. Value hunters may re-enter, geopolitical factors at play.

  • The crude oil markets experienced a decline on Friday, with ongoing downward pressure largely attributed to the persistent inflation concerns in the United States.
  • Despite this decline, there remains substantial support below, making it a potential opportunity for buyers to consider entering the market during these dips.

Crude Oil Forecast Today- 05/02: Crude Dips Post-NFP (Graph)

The West Texas Intermediate Crude Oil Market has been particularly affected by this downward trend. The price is now edging closer to the $72 mark, which is widely regarded as a significant psychological level for traders. Beneath this level, there is further support observed at the $70 mark.

Taking a broader view, the $68 level has proven to be a crucial support floor in the market over time. This level's historical significance should not be overlooked when analyzing the current situation. Many anticipate that value-oriented traders will re-enter the market in due course, and their resurgence is expected to be impactful.

Top Forex Brokers

    Value Hunters to Return?

    Value hunters, a staple of this market, have a tendency to re-enter the market with enthusiasm, potentially driving up prices as they seek out attractive buying opportunities. Furthermore, the crude oil market is not only influenced by domestic factors such as inflation but also by geopolitical concerns, especially in the Middle East. Escalating tensions in the region can exert upward pressure on oil prices.

    As we assess the situation, there is an expectation of a potential bounce in the market. Should the price rebound by approximately a dollar, it is likely to attract buyers. Until such a bounce occurs, adopting a cautious stance and observing the market's stabilization process may be prudent.

    In the end, the recent decline in crude oil prices should not overshadow the market's underlying support levels and potential buying opportunities. The psychological $72 level, along with support at $70 and the historically significant $68 mark, are crucial factors to consider. Value hunters are poised to re-enter the market, and geopolitical tensions can further impact oil prices. As we await a potential bounce, a cautious approach is advisable. In the long term, the market has shown resilience and determination to defend support levels, which may pave the way for a promising future.

    Ready to trade our WTI Crude Oil Forex? We’ve made a list of the best Forex Oil trading platforms worth trading with. 

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.


    Most Visited Forex Broker Reviews