Oil Prices Edge Back Above Key Support Level

Crude oil prices have made a minor recovery after dipping below $78.00, a key support level that has provided some much-needed momentum for the price.

This rebound is largely due to improving relative strength indicators (RSI) readings, which have begun to issue positive signals after reaching oversold territory.

However, despite this brief resurgence, the technical outlook remains cautious. The price still trades below its 50-day exponential moving average (EMA50), and the short-term ascending trendline has been broken.