Crude oil futures settled sharply higher today at $61.79, gaining $3.29 (+5.62%). Prices traded between a low of $59.64 and a high of $62.40, with the rally driven largely by renewed sanctions on Russian oil companies, which boosted supply concerns and buying momentum.
Technically, the price broke above a key swing area between $61.45 and $61.94 before settling back within that zone — leaving it as a critical pivot range heading into tomorrow’s trade.
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Bullish scenario: A move above $62 and sustained momentum higher would shift focus toward the 100-day moving average near $64.40 as the next major target.
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Bearish scenario: On the downside, support is found between $59.78 and $60.10. A break below this area would undermine today’s bullish tone and suggest renewed downside pressure.
This article was written by Greg Michalowski at investinglive.com.
