WTI Crude Oil Prices Hold Near Two-Week High Above $84.00

WTI crude oil futures are trading above $84.00 per barrel, near a two-week high, thanks to technical support at the 38.2% Fibonacci retracement level.

This level, derived from the recent swing low to high, has become a crucial floor for bulls defending the commodity's upward momentum amid mixed supply-demand signals.

The 38.2% Fibonacci retracement is a widely watched indicator in technical analysis, and its alignment with previous resistance-turned-support reinforces its significance.

Immediate resistance lies near $85.50, followed by the recent swing high around $86.20. A break above these levels could open the door to further gains, while failure to hold $84.00 might trigger a pullback toward the 50-day moving average.