Crude oil futures are settling at $64.80 up $1.14 or 1.79%. The high for the day reached $65.10. The low was at $63.53.
On the daily chart, the price has moved back above its 100-day moving average at $64.29, giving buyers a short-term edge. The market is now testing a swing area between $63.61 and $65.27 (see red circles on the chart). A sustained break above this zone would shift focus toward the 200-day moving average at $67.46, with interim resistance near $67.00.
That said, the pair has seen choppy trading around both the 100- and 200-day MAs in recent years, with repeated breaks in both directions. Overall the highs are lower as are the lows suggesting more of a downward bias. However there are fits of spikes to the upside as well.
For now, however, as long as the price holds above the 100-day average, the near-term bias tilts in favor of buyers, keeping upside targets in play.
