WTI Crude Holds Near $92.00, 200-SMA Key for Bulls
WTI crude oil prices maintain gains near $92.00 as renewed Gulf hostilities dim hopes for a ceasefire, with the 4-hour 200-SMA acting as a critical resistance for bullish traders.
West Texas Intermediate (WTI) crude oil prices started the new week with strong positive traction, staying near the $92.00 level. The move is driven by renewed hostilities in the Gulf region, which have dampened expectations for a ceasefire deal that had been three months in the making.
From a technical perspective, the 200-period simple moving average (SMA) on the 4-hour chart is a key level for bulls to watch. A break above this resistance could open the door for further upside, while failure might trigger a pullback.
The price action reflects ongoing geopolitical risk premiums in the oil market, with traders monitoring supply disruptions and diplomatic efforts.
Source: FXStreet Forex News