WTI crude oil futures settled at $64.60, up $0.45 or 0.70% on the day. The contract briefly reached a high of $64.70—just above settlement—while the session low was set at $63.35.
During the session, sellers managed to push prices below the 100-hour moving average at $63.85, but support held above the 200-hour moving average at $63.33, containing the downside. The subsequent rebound shifts focus to the 38.2% retracement of the July 30 decline at $64.91, which also sits inside a broader swing zone between $63.85 and $65.27—a former floor now acting as resistance.
A decisive move above this zone would expose Monday’s high at $65.10, a key resistance level that buyers must clear to extend the bullish momentum further.
The weekly inventory data released yesterday showed another drawdown from crude and gasoline stocks.
This article was written by Greg Michalowski at investinglive.com.