Crude oil futures settled at $58.65, rising $0.70 (+1.21%) on the session. Price action was contained within a $57.66 low and a $58.69 high, keeping the market choppy but constructive through the day.
On the hourly chart, the rebound lifted crude back above the 100-hour moving average at $58.24, a short-term positive that helped stabilize downside momentum. However, the market still trades below the 200-hour moving average at $59.01, meaning buyers have not yet regained full control. That level remains a key barrier that must be broken to shift the bias more convincingly higher.
Adding to the technical picture, yesterday’s high stalled at the underside of a broken trendline, a rejection that reinforced seller interest and contributed to Tuesday’s push lower. That same trendline now sits near $59.30 and marks an important upside target for bulls.
If crude can work back above both the 200-hour moving average and the broken trendline, the bullish bias would strengthen materially. Until then, the market remains caught between early signs of buying interest and lingering resistance that continues to cap the upside.
The Baker Hughes rig count today showed a decline of -12 oil rigs.
