WTI crude oil futures settled at $64.60, up $0.45 or 0.70% on the day. The contract briefly reached a high of $64.70—just above settlement—while the session low was set at $63.35.
During the session, sellers managed to push prices below the 100-hour moving average at $63.85, but support held above the 200-hour moving average at $63.33, containing the downside. The subsequent rebound shifts focus to the 38.2% retracement of the July 30 decline at $64.91, which also sits inside a broader swing zone between $63.85 and $65.27—a former floor now acting as resistance.
A decisive move above this zone would expose Monday’s high at $65.10, a key resistance level that buyers must clear to extend the bullish momentum further.
The weekly inventory data released yesterday showed another drawdown from crude and gasoline stocks.
