Crude oil is closing modestly higher by $0.20 at $88.90, but the final price does not reflect the volatility seen throughout the trading day. Prices traded as high as $92.52 before reversing sharply lower and eventually finding support near session lows at $87.11. That wide trading range highlights the uncertainty currently driving the oil market from the Middle East war with Iran with the last news being in favor of a Memorandum of Understanding. That sent the prices lower.
From a technical perspective, today’s low was important. The decline briefly pushed below the 50% midpoint of the rally from the December 2025 low, which comes in at $87.29. Buyers stepped in near that level, helping the market stabilize after the downside break failed to attract sustained selling momentum. The ability to hold near that retracement level keeps an important support zone intact for now and gives buyers at least a near-term foothold.
However, despite the bounce from the lows, the broader technical picture still favors the sellers. The rebound rally ran into resistance against the falling 100-hour moving average — the blue line on the chart above — where willing sellers leaned once again. That moving average has become an important barometer for short-term direction, and the inability to move back above it keeps downside risks in play.
In addition, the price remains below both the 100-hour and 200-hour moving averages, while the overall chart structure continues to show a pattern of lower highs. At the same time, the market has failed to establish the type of higher-low pattern that would normally signal that buyers are starting to regain stronger control. Those technical factors collectively keep the bias tilted to the downside despite today’s recovery from the lows.
For buyers to regain the upper hand, the market would need to push back above the 100-hour moving average and then extend above the falling 200-hour moving average, currently at $96.56 and moving lower. A move above those key technical levels would force traders to reassess the bearish bias and could trigger a stronger corrective rally. Until that happens, rallies are likely to continue attracting sellers looking to lean against resistance levels with defined risk.
Crude oil is marginally higher but well off the highs for the day and below the $90 level. The high for the day extended to $92.52. The low was at $87.11. Session lows, leave prices tested the 50% midpoint of the move up from the December 2025 low. That level comes in at $87.29. Conversely, the high price stopped near the falling 100 hour moving average – keeping the sellers in control. The moving average comes in at $91.93 currently.
