Oil prices edge closer to a two-week high as bullish momentum persists ahead of resistance at $83.00.
West Texas Intermediate crude oil prices hover just below $83.00 during Wednesday’s Asian session, extending a three-day buying streak. The benchmark remains near a nearly two-week high, supported by sustained bullish sentiment.
Prior sessions saw WTI test resistance around the 38.2% Fibonacci retracement level, with traders awaiting a decisive break above $83.00. The current rally follows a period of consolidation after recent volatility in global oil markets.
No immediate market reaction data was reported in the session, though positioning suggests further upside potential if resistance is breached.