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Crude oil futures settle slightly lower after volatile session
Oil ranged from $83.31 to $79.62 during the day and is capped near a $84.05 to $84.38 resistance cluster on the 100- and 200-hour moving averages, according to Forexlive.
Crude oil futures settled at $82.23, down $0.13, or 0.16%, after a volatile session that traded as high as $83.31 and as low as $79.62 before rebounding into the close, Forexlive reported.
The report pointed to a technically defined trading range, with crude still caught between resistance from the 200-hour moving average at $84.05 and the 100-hour moving average at about $84.38, and support tied to an upward-sloping trendline near $79.32.
Forexlive said traders will likely wait for a break beyond those technical extremes for the next directional signal, noting that sellers are still in control while price trades below the 100- and 200-hour moving averages.
On the fundamentals, the outlet cited ongoing Middle East uncertainty around the Strait of Hormuz, including reports of an Iran and Oman agreement that raised hopes for more normal shipping traffic, while also stressing that sanctions and shipping security issues remain unresolved.
Latest closeWTI crude $82.40 ▲1.4%