From a technical perspective, WTI crude is showing bullish structure, having cleared its prior weekly high and firmed above the $67.44 pivot.
Immediate resistance lies at $71.20, a short-term pivot that may trigger fresh selling. However, a sustained move above this level could open the path toward the $78.40 resistance zone.
Key downside support rests at the long-term pivot of $67.44, followed by the 200-day moving average at $65.31 and the 50-day at $63.50—levels that may attract buying interest on any retracement.
Oil Prices Forecast: Bullish Bias with Geopolitical Risk and Demand Tailwinds
With increasing geopolitical risk tied to U.S. and EU sanctions on Russia, and strong import data from China, the outlook for oil remains bullish in the near term.
Momentum is building, and a break above the $71.20 pivot would likely accelerate upside moves.
However, traders should stay alert to any signs of Chinese crude inventories being released into the market, which could limit gains in the weeks ahead.
More Information in our Economic Calendar.
