WTI Crude Holds Above $75.50 as Iran Risk Supports; 200-Day SMA in Focus
WTI crude oil stabilized above $75.50 in Asian trading, bouncing from a multi-month low of $72.80 as Iran uncertainty lent support. Traders now eye the 200-day simple moving average as a key technical level.
West Texas Intermediate crude oil hovered near $75.50 during the Asian session, recovering from an overnight bounce off the $72.80 region—the lowest since early March.
The rebound is attributed to ongoing geopolitical uncertainty surrounding Iran, which remains a supportive factor for oil prices. However, upside progress is capped by the 200-day simple moving average (SMA), which is viewed as a critical resistance level in the near term.
Market participants will watch for a decisive break above the 200-day SMA to confirm further upside, while failure to clear it could keep prices range-bound.
Source: FXStreet Forex News