Crude Oil Closes at $61.04 as Buyers Test Key Resistance
Crude oil futures finished higher on the session, signaling renewed buying interest after an early dip. Prices advanced as traders leaned on technical support and pushed back toward a near-term resistance zone.
Oil settled at $61.04, up $0.91 or 1.51% on the day. The intraday range stretched from a low of $59.66 to a high of $61.28, reflecting choppy trade in the commodities market as participants gauged momentum and risk appetite in energy prices.
From a technical perspective, WTI crude initially slipped but found support near a swing area between $59.58 and $60.17. The rebound lifted prices back above the 100- and 200-hour moving averages, improving near-term momentum. However, the rally stalled just shy of a higher resistance band at $61.45–$61.94. A decisive break above that zone would be needed to strengthen the bullish bias and open the door to further gains, while a failure could see prices retest support and the key moving averages.
Key Points – Settlement: Crude oil closed at $61.04, up $0.91 (+1.51%) – Intraday range: High at $61.28; low at $59.66 – Support: Buyers defended a swing area at $59.58–$60.17 – Momentum: Price reclaimed the 100- and 200-hour moving averages – Resistance: Next barrier sits at $61.45–$61.94; a break higher would confirm bullish continuation
