A U.S. official refuted reports of sanction relief, sparking a 2% recovery in crude prices after an earlier sharp selloff.
Crude oil prices reversed earlier losses after a U.S. official denied reports that the United States had agreed to lift oil sanctions during negotiations. The clarification shifted market sentiment back to supply concerns, driving prices up nearly 2% to around $103.00.
Earlier in the session, prices had plunged to a low of $98.60 on initial headlines but found support near the 200-hour moving average at $98.88. The rebound gained momentum after breaking above the 100-hour moving average at $101.17, signaling renewed buying interest.
Traders are now eyeing a retest of today’s high at $104.37, with a potential breakout targeting a downward trend line near $105.85. The technical structure suggests a bullish bias remains intact if key resistance levels are cleared.