WTI crude oil futures is settling at $69.33, up $1.69 or 2.55% on the day, marking the largest daily increase since February 7, 2023. Today’s high reached $69.77, while the low extended to $66.90.
Examining the daily chart, the next upside target is the swing low from December 2022, which stands at $70.08. Upon breaking this level, traders will aim for the 38.2% retracement of the recent trading range at $70.69.
The low price for cycle reached $64.36 during trading yesterday. That was the lowest level going back to December 2021 before rotating back to the upside.
Crude oil has rebounded toward the 2023 low at $70.08
This article was originally published by Forexlive.com. Read the original article here.