Crude futures settle at $79.60 after rebounding from intraday lows, easing bearish pressure near key technical levels.
Crude oil futures closed at $79.60, up $0.26 or 0.33%, after trading in a wide range. Sellers drove prices down to $78.19, but the low held above Monday’s $77.84, signaling a potential loss of downward momentum.
The price briefly dipped below the 38.2% retracement level at $78.48 before buyers reclaimed it, preventing a more bearish technical shift. Resistance remains at Tuesday’s high of $81.25, with a break above targeting $82.00, the 50% retracement of the broader decline.
Geopolitical tensions persist, with rhetoric and military actions in the region adding uncertainty. Market focus remains on technical levels amid mixed signals from supply risks and demand expectations.