WTI crude oil futures settled at $89.31, down $2.88 (-3.12%) on the day after trading in a wide range between $87.68 and $92.83. Despite today’s sharp decline, crude still finished the week up $7.51, or 9.17%, highlighting just how volatile trading has been.
From a technical perspective, the daily chart shows buyers made a run to $93.50 on Thursday, briefly pushing above the 50% retracement of the decline from the March high to the July low at $93.26. However, the breakout quickly failed, inviting sellers back into the market. Today’s rally topped out at $92.83, about 43 cents shy of that key retracement level, before reversing lower, reinforcing it as an important area of resistance.
Another key technical level remains the 100-day moving average at $89.90. WTI closed above that moving average on Thursday, but today’s decline pushed the price back below it. Going forward, that moving average will serve as an important barometer for the broader trend—holding above it would strengthen the bullish case, while remaining below keeps sellers with the technical advantage.
Brent crude also came under pressure, settling back below the $100 mark at $96.78, down $3.91 (-3.88%) on the session.
