Oil Prices Begin to Recover from Oversold Conditions Amid Uncertainty

Crude oil prices have begun to recover from their oversold conditions in recent trading sessions. The price of crude oil rose slightly on its latest intraday, attempting to ease some of its clear oversold conditions on relative strength indicators.

A positive crossover has emerged that may support further gains in the near term if the key support at $89.00 holds. This level represents our latest price target.

However, downside pressures remain in place and threaten to send the price lower again amid the dominance of the short-term corrective bearish trend and continued negative pressure resulting from trading below EMA50.