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Crude oil futures closed higher on the session, settling at $83.53 per barrel with a gain of $1.30 or 1.58%. During intraday trading, prices oscillated between a low of $80.65 and a high of $84.27. Technical action saw oil rebound above its 100-hour moving average of $83.39 and briefly test the 200-hour moving average at $84.06, though it failed to maintain levels above the higher average by the market close. From a technical perspective, the price action leaves buyers and sellers in a tight battle between the 100-hour and 200-hour moving averages. On a daily timeframe, crude remains bound within a broader range set by its 200-day moving average at $77.80 and its 100-day moving average near $87.00. Fundamental drivers are balanced between geopolitical risks providing price support and economic growth fears dampening demand expectations. Traders are watching the hourly moving averages closely to identify short-term momentum. A sustained push above the 200-hour moving average could trigger additional buying momentum, whereas falling back below the 100-hour average would hand short-term control back to the bears.
