Crude futures settled at $68.55 after failing to sustain gains above the 100-hour moving average near $68.77.
Crude oil futures closed at $68.55, down $0.14 for the session, as buyers struggled to maintain momentum above the 100-hour moving average at $68.77. The intraday high reached $69.26, but selling pressure pushed prices back toward the low of $67.82.
The 200-hour moving average at $69.59 has remained unbroken since June 11, reinforcing a bearish trend. Analysts note that a break above both moving averages is needed to shift sentiment, while a drop below $67.04 could accelerate losses.
Technical resistance and weak follow-through kept sellers in control, with no immediate catalyst to reverse the downtrend.