WTI Crude Oil Price Faces Resistance at $97.68 Amid Bullish Reversal

WTI crude oil rebounded from its key support level of $91.20 but faces resistance near $97.68, according to FXEmpire.

The price triggered a one-day bullish reversal signal on Thursday, reaching a high of $96.25, after testing support for the third time this week.

This short-term sign of strength follows a drop in crude oil prices below the 20-day moving average near $97.41, which was confirmed as resistance on Tuesday with a high of $97.68.

The weekly chart shows a new lower weekly high and low, but the weekly candle has not yet closed, indicating that a breakout above this week's high would provide an earlier sign of strength than seen on the daily timeframe.