WTI Crude Oil Recovery Faces Crucial Resistance Test

WTI crude oil has regained ground after dropping to $100.53, but its near-term outlook is still uncertain. The recovery of around 60% from the low suggests that buyers have responded positively.

However, immediate resistance at $103.12-$103.40 remains a challenge for buyers. If they can't overcome this hurdle, it could indicate that the latest rebound is another failed rally.

The next pullback will be crucial in determining whether the recovery has substance or not. If support around $102.65-$102.90 holds, it would strengthen the rebound. But losing deeper support at $102.12-$102.23 would weaken the mildly bullish outlook.