Crude prices rebound from this week’s selloff, nearing critical technical levels that could signal a shift in market bias.
Crude oil futures settled at $71.92, rising $1.58 or 2.25%, as buyers attempted to recover from a sharp midweek decline. The earlier drop pushed prices below the 200-day moving average at $73.77, reaching a low of $69.04 before reversing course.
The rebound brings the 100-hour moving average at $72.93 and the 200-day moving average back into focus. A break above these levels, followed by the 200-hour moving average at $75.05, would mark a technical shift favoring buyers.
Traders are watching for a potential move toward resistance between $77.10 and $79.71, the latter representing the 38.2% retracement of the June decline.