Oil Price Soars This Week, But Faces Key Resistance

Crude oil futures have been on the rise this week, but experienced a decline on the day. The price of crude oil closed last week at $83.50 and has since surged, with momentum building after it moved above two key technical levels: the 100-day moving average and the 38.2% retracement of the decline from the April 2026 high to the July 2026 low.

The convergence of these technical levels around $86.60 made that area more significant, shifting the technical bias in favor of buyers and giving them a target for the next resistance area, which was defined by several key levels: the 50% midpoint of the April-to-July decline at $92.87, as well as a series of swing highs going back to mid-June near $93.50.

The price reached a high of $93.14 before rotating modestly lower, with the area between $92.87 and $93.50 remaining a key ceiling for buyers to break in order to continue the bullish trend.