Crude recovers from a low of $90.12 to $93.23, reclaiming key technical levels and shifting momentum to buyers.
Crude oil prices reversed early losses, climbing to $93.23 after finding support near the 100-hour moving average at $90.10. The rebound followed a drop to $90.12, which attracted buyers and pushed prices above the 200-hour moving average at $92.48.
Prior to the recovery, prices had tested critical support levels, with the 100-hour moving average acting as a floor. The move above $92.48 signals a shift in near-term sentiment, with traders now eyeing resistance at $93.74, the 38.2% retracement of the April decline.
If the rally extends, the next targets include $94.71 and the 50% retracement at $98.30. For now, the price action suggests bulls have regained control, keeping upward pressure on the market.