Crude prices surged 2.41% as technical breakouts reinforced bullish sentiment and key resistance levels held firm.
Crude oil futures closed at $96.02, rising $2.26 or 2.41%, as buyers dominated the session. Prices fluctuated between $93.45 and $97.00 but maintained an upward trajectory, supported by technical strength.
The rally followed a rebound above the 200-hour moving average, with buyers defending the $94.71 level—a prior resistance point. A brief dip to $94.33 failed to attract sustained selling, reinforcing support.
Traders now eye $98.30 as the next target, with $100.00 and $101.00 emerging as potential resistance levels if momentum persists.