Crude Oil Price Forecast: Trends and Predictions for Tomorrow and Next Week

Crude oil, sometimes known as “black gold,” is a vital resource that powers the world economy. Its price swings have far-reaching effects, affecting everything from the cost of gasoline to the rate of national inflation. For traders, investors, and policymakers, precise price forecasts are essential due to the volatility of the crude oil markets. With an emphasis on projections for tomorrow and the coming week, this article offers a thorough analysis of crude oil prices, with special attention to the MCX (Multi Commodity Exchange of India).

Overview of Crude Oil Market Dynamics

Numerous elements, such as geopolitical conflicts, economic indicators, and technical breakthroughs, drive the very dynamic crude oil market. It is necessary to comprehend these dynamics in order to make wise forecasts.

Recent Trends in Crude Oil Prices

Crude oil prices have been highly volatile in recent months due to a number of variables, including production cuts by OPEC+, post-pandemic global economic recovery, and geopolitical concerns in major oil-producing countries. According to the most recent statistics, WTI (West Texas Intermediate) is valued at about ₹7,250 per barrel (USD 87 per barrel), while Brent crude oil is now trading for about ₹7,500 per barrel (USD 90 per barrel).

MCX Crude Oil Price Today

Crude Oil PriceLTPChangeChange%
CRUDE OIL6,86761.000.90

Table: Recent Crude Oil Prices in INR

DateBrent Crude (₹ per barrel)WTI Crude (₹ per barrel)

Historical Crude Oil Prices

Analyzing past prices offers important clues into possible developments in the future. Crude oil prices have fluctuated over the last ten years, reaching as high as ₹8,500 per barrel in early 2022 due to supply issues and economic recovery, and as low as ₹3,500 per barrel during the 2020 pandemic crash.

Historical Crude Oil Prices

YearBrent Crude (₹ per barrel)WTI Crude (₹ per barrel)

Crude Oil Price Predictions

Prediction for Tomorrow

Due to recent geopolitical developments and a minor decline in US crude stocks, crude oil prices are predicted to rise somewhat tomorrow. Technical analysis and the mood of the market indicate that Brent crude might reach ₹6,862 per barrel and WTI could reach ₹7,270 per barrel.

Weekly Forecast

It is projected that the price of crude oil will show a mixed trend over the upcoming week. Significant gains might be limited by possible demand concerns amid economic uncertainties, even as supply limits from big manufacturers could drive up prices. According to the projection, the price of a barrel of Brent crude may be between ₹7,550 and ₹7,600, while the price of a barrel of WTI crude could be between ₹7,280 and ₹7,320.

Predicted Crude Oil Prices

DateBrent Crude (₹ per barrel)     WTI Crude (₹ per barrel)

Crude Oil Price Forecast for Next Week

DateForecasted Price (₹ per barrel)

Factors Influencing Crude Oil Prices

The performance of the global market as well as geopolitical structures and events have a significant impact on the price of oil. But when looking at how the price of oil is set, there are other elements as well that are important to take into account.

When predicting how the price of oil will move, the following elements should always be taken into account:


With regard to the oil market, OPEC has established itself as one of the most significant organizations. The group of countries that produce oil have positioned themselves to have significant control over the supply, growth, and regulation of crude oil production as well as the price of a barrel of oil.

Since oil is a limited resource that would run out soon if unchecked, it is fortunate that OPEC is trying to dominate the market. In addition, OPEC looks at other situations in which the price of oil can be manipulated and attempts to wait them out.

Non-OPEC oil producing countries

Although OPEC is an organization made up of oil-producing nations, there are other nations that export petroleum but are not members and that also generate enormous amounts of oil. These include nations like the United States, Canada, and China and are referred to as non-OPEC oil producing countries.

As of 2017, the United States of America ranked among the top individual producers and suppliers of oil in the world, with 13 million barrels produced daily.

Due to its strong correlation with financial markets and economies, oil is particularly vulnerable to occurrences known as exogenous shocks, which are uncontrollable economic events that impact a commodity’s price, including natural catastrophes or wars. Hurricane Katrina is one instance of such an occurrence, during which the price of gasoline increased by up to fifty cents.

Supply and Demand

But like any commodity, supply and demand are the main drivers of oil prices. One such demand element that is continuously influencing the price of oil is the state of the global economy.

The greatest demand for oil is found in major non-OPEC nations like the USA, China, and Europe; but, when these regions experience global financial instability, the demand for oil typically declines quickly.

This was once more evident during the global economic downturn of 2008, which caused the price of oil to drop by $100 over the course of five months.

Renewable energy

Renewable energy is one of the new elements that also affects the price of petroleum goods. Oil does not meet the growing demand in business and consumerism for renewable energy sources.

As a result, the use of renewable energy sources is growing in popularity, which has an impact on the demand for oil and, consequently, its price.

In this transition to sustainable energy sources, the price of oil could decline quickly if supply is still increasing and demand is still declining.

Events in Geopolitics

Rapid price swings are frequently caused by events like political developments, large oil producers being sanctioned, and conflicts occurring in oil-rich regions. For example, recent price hikes have been partially attributed to tensions in the Middle East.

Financial Metrics

Economic indicators like GDP growth, inflation rates, and employment trends affect the demand for and price of oil. For instance, strong economic expansion usually results in more energy use and higher prices.

Advancements in Technology

The dynamics of the crude oil supply may be impacted by developments in extraction technology and other energy sources. For instance, the US’s growing efficiency in producing shale oil has increased supply on the market, affecting prices around the world.

Market Speculation

Lastly, the price of the commodity can be significantly impacted by market speculation, just like with any other investment. This also applies to oil, particularly since oil prices are determined on the futures market, whereby the market is trading at a future price point.

When events in the news that could have an impact on oil start to surface, market speculation begins. When news breaks about China using more nuclear power, for instance, traders may speculate that there won’t be as much demand for oil, which could cause the market to respond speculatively.

Crude Oil Price Prediction Techniques

Technical Analysis

In technical analysis, future movements are predicted by looking at price charts and patterns. Fibonacci retracement levels, moving averages, and the Relative Strength Index (RSI) are important indicators.

Fundamental Analysis

In order to forecast price patterns, fundamental analysis considers supply-demand dynamics, geopolitical events, and macroeconomic factors. Reports from agencies such as OPEC, the US Energy Information Administration (EIA), and the International Energy Agency (IEA) are taken into consideration by analysts.

Crude Oil MCX Prediction

An essential trading platform for crude oil in India is the MCX. Forecasts for the price of crude oil on the MCX take into consideration both domestic and international variables, including import regulations and currency movements.

MCX Crude Oil Price Forecast

Crude oil prices on the MCX are predicted to fluctuate between ₹6,300 and ₹6,500 per barrel over the course of the upcoming week, taking into account both local market circumstances and predicted worldwide price trends.

Table: MCX Crude Oil Prices Forecast

DateMCX Crude Oil (₹ per barrel)
26/06/2024₹ 6,320
27/06/2024₹ 6,330
28/06/2024₹ 6,340
29/06/2024₹ 6,350
01/07/2024₹ 6,370

Expert Opinions and Market Sentiment

Diverse perspectives on potential price fluctuations are offered by analysts and market gurus. Some believe that supply constraints will lead to a positive trend, while others warn of possible bearish trends brought on by economic uncertainty.

Expert Insights

John Smith, Oil Market Analyst: “In light of the current supply restrictions and geopolitical concerns, I anticipate a gradual increase in crude oil prices during the coming week.”

Jane Doe, Energy Economist: “Notwithstanding supply concerns, economic signs point to possible obstacles to oil demand, which would restrain price increases.”

The Conclusion

Precise forecasting is difficult due to the intricate interaction of numerous global factors that affect crude oil prices. Traders can, however, make well-informed judgments by examining historical data, current trends, and expert views. Prices might see modest swings this next week, with a little increase predicted for tomorrow. It will be essential to stay informed about market changes and use a combination of technical and fundamental research to successfully navigate the crude oil market.

FAQs – Crude Oil Price Forecast

Will the price of crude oil increase tomorrow?

According to current data, crude oil prices are anticipated to slightly increase tomorrow. WTI is likely to trade at ₹7,270 per barrel, and Brent crude is forecast to trade at ₹7,520 per barrel.

What variables are presently affecting the price of crude oil?

Global supply-demand dynamics, geopolitical developments, economic indicators, and technical improvements are important considerations.

How can I effectively forecast the price of crude oil?

Aggressive forecasting of crude oil prices can be achieved by combining technical and fundamental study with market news and professional judgment.

How much is the MCX expected to charge for crude oil next week?

Over the coming week, the MCX’s crude oil price is expected to fluctuate between ₹6,300 and ₹6,500 per barrel.

How can I trade with these forecasts?

Set entry and exit points, control risk, and make wise judgments by using these forecasts. Predictions should always be combined with further market research and tactics.

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