Crude Oil Price Analysis – Oil Continues to Affirm Range
By Christopher Lewis | Published: Jun 12, 2026
Market Overview
The light sweet crude oil market has experienced a dip early in the trading session on Friday, but there is significant support observed beneath the $85 level. This suggests that traders are likely to see the overall range that has been consistent since March continue to play out.
WTI Crude Oil Technical Analysis
As the market approaches the weekend, a bounce in oil prices seems plausible due to potential headlines that could impact the market. Short covering may also play a role in this bounce. The analysis indicates that a rebound towards the 50-day Exponential Moving Average (EMA) is likely, especially if the weekend remains quiet.
Brent Crude Oil Technical Analysis
Similar trends are observed in the Brent crude oil market, where the $85 level is providing support, backed by the 200-day EMA. A potential bounce towards the $95 level is possible; however, a breakdown below the 200-day EMA could lead to significant market unwinding.
Market Sentiment and Future Outlook
While the current sentiment does not appear bullish, any significant news over the weekend could lead to a price increase of $4 to $5 per barrel. Traders holding short positions should be cautious of this potential volatility.