WTI’s recovery still elusive below $98.00

WTI crude oil prices pare recent losses around $96.50 during Friday’s Asian session. Oil once again attempted to penetrate a three-week-long symmetrical triangle after the previous day’s failed attempt.

WTI buyers need a daily closing beyond the $98.00 comprising the stated triangle’s upper line and the 21-DMA, to keep reins. Following that, a run-up towards the highs marked during July 19 and 08, respectively near $100.70 and $102.80, will be in focus.

It should be noted that the month-start low of $103.11 could act as the last defense for WTI bears. Meanwhile, pullback moves need to break the previous resistance line from mid-June, near $95.80 to tease sellers.

Even so, the triangle’s bottom around $94.80 and multiple supports near $91.60 could test the commodity’s further downside before directing it to the recent low near $88.35.