Crude oil futures settled at $59.32, a gain of $0.77 or 1.32% on the day. Over the weekend, OPEC+ left production levels unchanged as expected, while geopolitical risks tied to Venezuela along with the ongoing conflict between Russia and Ukraine continue to hang over the market.
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From a technical perspective, today’s high near $60 tested the 38.2% retracement of the decline from the September 26 high at $59.96. The market briefly pushed to $59.97 before rotating lower. The pullback found support at $58.83, holding just above the 200-hour moving average at $58.81.
With resistance clearly defined at the $59.96 retracement level and support anchored at the 200-hour MA, the settlement leaves crude trading squarely between these two key technical boundaries. Traders will look for a break of either level for the next bias defined clue going forward.
