Oil News: Crude Oil Futures Hit Inflection Point as Estimates Keep Rising
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Key Points:
- Analysts sharply raise crude oil forecasts, reinforcing a stronger long-term price floor despite volatility
- Crude oil futures rally stalls at resistance as Brent hits $120.54 and WTI fails to hold gains above $110.93
- Nine-day WTI rally enters reversal window, raising risk of a technical pullback from recent highs
Crude Oil Rally Tests Resistance as Momentum Holds
Spot Brent crude oil nudged to a new war high at $120.54 Thursday and pulled back almost immediately. June WTI crude oil spiked to $110.93 overnight before sellers drove it back to unchanged. Both markets are showing the same thing right now. The rally is intact, the resistance is real, and the next few sessions are going to tell you whether this is a pause or a reversal. Keep reading for what the charts are saying and what is actually driving this market.