Crude Oil Futures Fail to Break Above Resistance

Crude oil futures settled at $83.27 on Wednesday, marking a slight increase of $0.07 or 0.08% compared to the previous day's close.

The price reached a high of $84.35 but failed to surpass Tuesday's high at $84.54, allowing sellers to regain control and push the price back down to its low near $82.40.

According to technical analysis, a break below this level would target the 38.2% retracement at $81.60, with further selling potentially aiming for the 100-hour moving average at $80.52 or the 200-hour moving average at $79.64.

On the other hand, buyers need to overcome the resistance at $83.87, which remains a key technical barometer, in order to regain control and push the price towards the recent highs.