Crude Oil Prices Hesitate Near Key Resistance Zone

Crude oil futures have been trading higher, with prices up $1.27, or 1.39%, to $92.75. The high reached $93.29, while the low was at $90.87.

The price initially declined earlier in the day but stalled near the rising 100-hour moving average at $91.04. Holding above this level gave buyers the green light to push prices back up.

Buyers have been unable to extend above the swing highs going back to June 10 near $93.50, making the area between $92.47 and $93.50 a key technical indicator for both buyers and sellers.

A sustained move above $93.50 would strengthen the bullish bias and open the door for additional upside momentum, with the next major target being the June 3 swing high near $97.00. Above that level, the 61.8% retracement of the April-to-July decline comes in at $98.41.