Crude Oil ($CRUDE) Commodity Forecast: Up 5.1% Today

What is Crude Oil?

Crude Oil is a vital commodity in the global market, with its price fluctuations impacting various industries and economies worldwide. Today, the market saw a strong bullish movement in the price of Crude Oil.

Why is Crude Oil going up?

CRUDE commodity is up 5.1% on Oct 23, 2025 8:55

• The bullish movement in Crude Oil prices can be attributed to discussions indicating that the US and India may reach a trade agreement to gradually reduce imports of Russian crude, thereby boosting demand for alternative sources.
• US sanctions on Russia's top oil firms, Rosneft and Lukoil, also influenced the increase in oil prices as market participants anticipate disruptions in the global oil supply chain.
• Moreover, falling stockpiles in the US and the US Energy Department's plans to add barrels to the Strategic Petroleum Reserve further fueled the bullish sentiment in the Crude Oil market.
• Despite concerns over a supply glut and warnings about record surpluses from the IEA, the bullish momentum in Crude Oil prices prevailed due to a mix of geopolitical tensions, trade deal speculations, and supply dynamics.

CRUDE Price Chart

CRUDE Technical Analysis

CRUDE News

U.S. Sanctions Russia’s Top Oil Firms Over Ukraine War

The Trump administration announced on Wednesday new sanctions targeting Russia’s two largest oil companies, Rosneft and Lukoil, as part of efforts to pressure Moscow to end the war in Ukraine, which began with Russia’s 2022 invasion. Treasury Secretary Scott Bessent stated, “Now is the time to stop the killing and for an immediate ceasefire,” adding that the companies “fund the Kremlin’s war machine.” The sanctions also extend to dozens of their subsidiaries. Bessent emphasized that Treasury is ready to take further action to support President Trump’s push to end the conflict and urged allies to join and enforce the sanctions.

Oil Rises by Over 2%

WTI crude oil futures rose more than 2% to $58.6 per barrel on Wednesday, rebounding from near multi-year lows, as reports suggested the US and India may reach a trade deal that could see India gradually reduce imports of Russian crude, boosting demand for other sources. President Trump said Indian Prime Minister Modi assured him of the wind-down, though Modi acknowledged the call without details. India’s refiners have signaled they may trim, but not halt, imports. Meanwhile, the EU is expected to approve a 19th Russia sanctions package after Slovakia dropped objections. Additionally, the US Energy Department announced plans to add 1 million barrels to the Strategic Petroleum Reserve, potentially tightening near-term supply. EIA data also showed that US crude inventories fell by nearly 1 million barrels last week, the first decline in four weeks, while fuel stockpiles, including gasoline, also dipped more than expected.

Oil Extends Gains

WTI crude oil futures rose to around $57.5 per barrel on Wednesday, extending gains from the previous session after an industry report showed falling stockpiles. API data revealed US inventories fell 3 million barrels last week, the first decline in four weeks, while fuel stockpiles, including gasoline, also dipped. Meanwhile, President Trump reiterated that India plans to reduce its Russian oil purchases, claiming for a second week about a discussion with Prime Minister Modi, though India’s foreign ministry denied any knowledge last week. The US Energy Department also plans to add 1 million barrels to the Strategic Petroleum Reserve, potentially tightening near-term supply. Still, oil struggles to rise from near multi-year lows amid concerns over a supply glut. Vortexa data showed a record 1.24 billion barrels of crude and condensate in transit globally, following the IEA’s warning of a record surplus next year as OPEC+ and other producers increase output amid slowing demand growth.

Oil Falls Toward 4-1/2-Year Low

WTI crude oil futures fell to $56.6 per barrel on Tuesday, approaching a near 4½-year low of $56.31 hit in the previous session, as investors weighed growing oversupply concerns ahead of US-China trade talks. Data from Vortexa showed a record 1.24 billion barrels of crude and condensate moving on tankers worldwide, signaling a swelling glut as producers continue to pump despite weakening demand. The IEA warned that global oil markets could face a record surplus next year, with OPEC+ and other producers adding supply even as demand growth slows. Analysts expect US crude inventories to have risen again last week, adding to bearish sentiment. Still, draws in gasoline and distillates provided some short-term support. Investors are watching upcoming trade negotiations between the US and China, and a possible meeting between Presidents Trump and Xi.

Oil Swings Near 4-1/2-Year Low

WTI crude oil futures rose to $57.5 per barrel on Tuesday, remaining not far from a 4½-year low of $56.31 hit in the previous session, as investors weighed growing oversupply concerns ahead of US-China trade talks. Data from Vortexa showed a record 1.24 billion barrels of crude and condensate moving on tankers worldwide, signaling a swelling glut as producers continue to pump despite weakening demand. The IEA warned that global oil markets could face a record surplus next year, with OPEC+ and other producers adding supply even as demand growth slows. Analysts expect US crude inventories to have risen again last week, adding to bearish sentiment. Still, draws in gasoline and distillates provided some short-term support. Investors are watching upcoming trade negotiations between the US and China, and a possible meeting between Presidents Trump and Xi.

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Crude Oil Price History

29.06.2025 - CRUDE Commodity was up 3.9%

• The surge in crude oil prices is linked to President Trump's recent announcement of a shortened deadline for Russia to secure a peace agreement with Ukraine, leading to apprehensions regarding a potential constraint in global oil availability.
• Positive sentiment surrounding the US-EU trade agreement and prospects of trade deals with Japan and other nations also contributed to the price upsurge.
• Additionally, market optimism was fueled by a more substantial decline in crude inventories than anticipated and indications of advancements in US trade discussions, alleviating concerns regarding future oil demand.
• Notwithstanding these favorable developments, underlying worries persist about long-term factors such as apprehensions about decelerated global growth due to trade uncertainties and the likelihood of oversupply if OPEC+ proceeds with raising its production target.

17.05.2025 - CRUDE Commodity was up 5.1%

• The bullish movement in Crude Oil prices today was primarily driven by escalating geopolitical tensions between Israel and Iran, leading to concerns about potential disruptions in energy flows and trade routes.
• US President Donald Trump's call for the evacuation of Tehran and Israel's intensified airstrikes on Iran's capital contributed to market volatility, pushing oil prices higher.
• Signals of de-escalation from Iran and a willingness to resume nuclear negotiations helped ease market concerns, leading to a surge in oil prices as investors unwound risk-off positions.
• The fluctuating oil prices reflect the market's sensitivity to geopolitical developments and the potential impact on global oil supply chains, particularly through critical chokepoints like the Strait of Hormuz.

23.05.2025 - CRUDE Commodity was down 13.7%

• A 7% drop in Crude Oil prices followed Iran's missile attack on a US airbase in Qatar, which resulted in no casualties and relieved immediate escalation concerns.
• The market showed confidence in oil supply continuity as tankers proceeded through the Strait of Hormuz, a critical point for global oil shipment.
• President Trump's decision to hold off on potential US military action against Iran fostered hopes for diplomatic talks, contributing to the negative market sentiment for oil.
• Even with ongoing geopolitical turmoil and increasing conflicts between Israel and Iran, reports of Iran sustaining high levels of crude exports further pressured oil prices downward.

23.05.2025 - CRUDE Commodity was down 10.2%

• The bearish movement in Crude Oil prices today can be attributed to the softening concerns regarding potential supply disruptions in the Middle East, particularly around the Strait of Hormuz, as Iran refrains from targeting oil flows in retaliation to US strikes.
• Despite escalating tensions between Iran, Israel, and the US, the market reassessed the immediate risk of supply disruptions, leading to a sharp decline in oil prices.
• Additionally, the market may have reacted to reports of Iran maintaining its crude exports at high levels, along with a sharper-than-expected drop in US crude inventories, indicating a potential oversupply situation.
• Overall, the bearish movement in Crude Oil today reflects a combination of geopolitical developments, supply dynamics, and market sentiment adjustments, leading to a notable shift in prices.

17.05.2025 - CRUDE Commodity was up 5.1%

• The bullish movement in Crude Oil is linked to the ongoing conflict between Israel and Iran, specifically Israel's strikes on Iran's assets, raising concerns about a broader regional war and potential supply disruptions.
• Interest from Iran in de-escalating tensions and resuming nuclear negotiations has led to fluctuations in oil prices, with market sentiment changing based on the perceived likelihood of a prolonged conflict.
• The Strait of Hormuz, a key chokepoint for global oil trade, remains a significant concern. Any threats of closure by Iran could pose a risk to oil prices and market stability.
• Geopolitical uncertainties, as well as factors like production quotas by OPEC+ and potential tariffs from the U.S., are contributing to the volatility in oil prices as traders navigate through the complexities of global events impacting the energy market.

23.05.2025 - CRUDE Commodity was down 6.4%

• The decline in Crude Oil today can be linked to:
• President Trump's choice to delay any likely US military action against Iran, lessening immediate worries of supply disruptions in the Middle East.
• Intensified strikes by Israel on key targets in Iran, heightening tensions without an immediate outbreak of conflict.
• Profit-taking by investors as the immediate supply shock risk decreased with the postponement of a US airstrike on Iran.
• Indeterminate economic policies in the US pushing investors away from the dollar, bolstering commodities like oil traded in that currency.

23.09.2025 - CRUDE Commodity was up 5.1%

• The bullish movement in Crude Oil prices can be attributed to discussions indicating that the US and India may reach a trade agreement to gradually reduce imports of Russian crude, thereby boosting demand for alternative sources.
• US sanctions on Russia's top oil firms, Rosneft and Lukoil, also influenced the increase in oil prices as market participants anticipate disruptions in the global oil supply chain.
• Moreover, falling stockpiles in the US and the US Energy Department's plans to add barrels to the Strategic Petroleum Reserve further fueled the bullish sentiment in the Crude Oil market.
• Despite concerns over a supply glut and warnings about record surpluses from the IEA, the bullish momentum in Crude Oil prices prevailed due to a mix of geopolitical tensions, trade deal speculations, and supply dynamics.

02.08.2025 - CRUDE Commodity was down 0.2%

• The bearish movement in Crude Oil prices today can be attributed to a combination of factors:
• Weaker US demand and concerns over the end of the summer driving season have weighed on prices, indicating a potential slowdown in consumption.
• Reports of a potential ceasefire in Ukraine have eased tensions and expectations of supply disruptions, leading to a downward pressure on prices.
• Rising output from OPEC+ and other producers, along with the possibility of a global supply surplus by year-end, have added to the bearish sentiment in the market.
• Geopolitical factors, such as India's continued purchases of Russian oil despite US tariff threats, have also contributed to the overall uncertainty and downward pressure on prices.

24.05.2025 - CRUDE Commodity was down 11.3%

• The ceasefire announcement between Israel and Iran by President Trump led to a drop in oil prices, as fears of supply disruptions in the Middle East eased.
• The lack of casualties in Iran's missile strike on a US airbase in Qatar contributed to the bearish movement, signaling a potential de-escalation in Middle East tensions.
• Despite the ongoing hostilities between Israel and Iran, reports of Iran maintaining crude exports at high levels added pressure on oil prices.
• The market's reaction to recent developments suggests that investors are closely monitoring geopolitical dynamics in the region, balancing concerns of supply disruptions with signs of potential peace negotiations.

24.05.2025 - CRUDE Commodity was down 10.6%

• Crude oil experienced a bearish movement today, with prices dropping significantly.
• The market movement was primarily driven by the announcement of a ceasefire between Israel and Iran, easing concerns over potential oil supply disruptions in the Middle East.
• The de-escalation of tensions following Iran's missile strike on a US airbase in Qatar, which resulted in no casualties, contributed to the downward pressure on oil prices.
• Despite the temporary relief in the market, the situation remains fragile, with uncertainties surrounding the ceasefire and the possibility of Iran attempting to close the vital chokepoint of the Strait of Hormuz.

10.09.2025 - CRUDE Commodity was down 5.0%

• The drop in Crude Oil WTI below $60 per barrel can be linked to several reasons:
• Geopolitical events, including the agreement on a ceasefire plan between Israel and Hamas in the Middle East, have decreased risk premiums in the area.
• OPEC+ chose a cautious approach in raising production, which was below market expectations, causing concerns about possible oversupply in the market.
• The rise in US crude inventories for the second consecutive week, while still close to seasonal lows, has added downward pressure on oil prices.
• Anticipations of ample global supply, with expected record highs in OPEC+ and US crude output, have further subdued the sentiment towards oil prices.

10.09.2025 - CRUDE Commodity was down 5.1%

• The bearish movement in Crude Oil today was primarily driven by renewed US-China trade tensions, as President Trump's threats of increased tariffs and uncertainty surrounding the upcoming meeting with President Xi Jinping raised concerns about a potential slowdown in global economic growth and oil demand.
• Additionally, the market was weighed down by rising global supply levels, including higher output from OPEC+ and non-OPEC producers, leading to fears of a supply surplus.
• Easing tensions in the Middle East, particularly progress towards a Gaza ceasefire, removed a key risk premium from oil prices, further contributing to the downward pressure on Crude Oil.
• The combination of these factors, along with increased short positions and risk aversion among investors, resulted in a significant drop in WTI crude oil prices, with analysts suggesting further volatility near the $60 level in the absence of a supportive catalyst for buying.