WTI Crude Oil Rebounds From 87.00 Support: Rally to 94.50…
By Karthik Subramanian
AI summary of the source article
WTI crude oil recently reversed upward from a support zone centered at the 87.00 level, aligned with the lower daily Bollinger Band, an upward channel trendline from July, and a 38.2% Fibonacci correction. The upward reversal formed a daily Hammer candlestick pattern, halting a prior ABC correction. Supported by an ongoing daily uptrend and bullish sentiment driven by renewed Houthi attacks on Saudi energy infrastructure, the commodity is projected to rise toward its next resistance level at 94.50, which previously capped a corrective wave in late September.
Why it matters
Rising crude oil prices driven by geopolitical supply threats can impact global energy markets and broader economic inflation trends.
Key facts
- WTI crude oil reversed upward from a support zone around the 87.00 level.
- Crude markets saw bullish sentiment driven by renewed Houthi attacks on Saudi energy infrastructure.
- The next resistance level for WTI crude oil is identified at 94.50.