Crude oil futures settled $62.79 | Forexlive

Crude oil futures settled at $62.79 on the day, gaining $0.52 or 0.84%. The modest rise reflects a market still searching for direction, as traders weigh near-term supply dynamics and broader macroeconomic uncertainty.

From a technical perspective, the hourly chart shows crude largely trading between its key moving averages. The 100-hour moving average currently sits at $63.04, acting as resistance, while the 200-hour moving average at $62.20 provides support. While the price did briefly extend beyond both of those levels—reaching a high of $63.27 and a low of $62.01—it has since pulled back into that range.

This consolidation suggests the market is in a state of indecision, awaiting a catalyst to drive a more sustained breakout. For now, the 100- and 200-hour moving averages remain the critical markers. A move above the 100-hour MA would open the door for further upside momentum, while a break below the 200-hour MA could signal a deeper correction. Until then, crude remains range-bound, with traders watching for the next directional shove.