Wti Steadies At Five-Week Support Line

WTI keeps the previous day’s bounce from short-term key supports around $89.00 during Thursday’s Asian session.

Oil grinds higher towards the weekly resistance line, near $89.65 at the latest. Although a clear rebound from the 10-DMA and an upward sloping trend line from January 03, 2022, keeps buyers hopeful to overcome the immediate resistance surrounding $89.65.

As a result, the $90.00 threshold will act as an extra filter to the north before directing the WTI crude oil prices towards the latest multi-month high of $91.77.

If oil remains firmer past $91.77, the September 2014 peak of $95.90 will be in focus. Alternatively, pullback moves may initially target the 10-DMA and the stated support line, respectively near $88.60 and $88.25, before directing sellers towards the 21-DMA level of $86.45.