Crude prices rose 2.78% to settle at $98.07 as buyers defended support near the 100-hour moving average at $96.96.
Crude oil futures settled at $98.07, gaining $2.65 or 2.78% on the day. The session saw a low of $96.13, briefly dipping below the 100-hour moving average at $96.96, before buyers stepped in to reverse losses.
The market remained range-bound, with resistance at the 200-hour moving average of $100.74 capping gains. The high reached $100.37, just shy of that level. A break above $100.74 could target $107.68, while a drop below $96.96 may lead to tests of $93.74 and $91.60.
Traders are watching these technical levels closely for directional clues after today’s indecisive price action.