WTI crude oil settled at $62.52, up $1.73 or +2.85% on the day. The price traded as high as $63.84 and as low as $61.55 during the session.

Technically, the rally extended into a key swing area between $63.52 and $64.14 (see red numbered circles), but still fell short of the 38.2% retracement of the 2025 decline from the January high, which comes in at $64.88.

On the downside, support is now eyed at the 100- and 200-hour moving averages, which are converging near $61.59 and $61.52, respectively. A break below this support zone would tilt the bias more bearish and potentially open the door for further downside pressure.

Conversely it would take a move above the swing area and the 38.2% retracement to increase the bullish bias. .