Crude Oil Closes near $68, Wiping Out War-Time Gains

Crude oil closed near $68.00 a barrel on Friday, erasing all gains accumulated during the war-driven rally earlier in the year. The settlement marks a return to pre-conflict levels and puts the market at a level that has drawn attention from both sides of the trade.

The chart shows a support zone between $67.00 and $68.00. That band held during two dips in April and again in early May. Each time, crude bounced sharply. The current close inside that zone repeats the pattern, though the context differs: the war premium is gone, and physical demand has softened in recent weeks.

If support at $67.00 holds, the next test lies at $79.20, a resistance level that capped rallies in March and late May. A bounce from $67–$68 would need to clear $72.00 first to gain traction. That midpoint has acted as a pivot in previous sessions.

A break below $67.00 would invalidate the setup. The next support would likely form near $65.00, a level not seen since early 2025. Volume has been above average this week, with open interest climbing, which suggests positioning is building around the zone.

The weekly close on Friday will provide the first clean read of whether the zone holds or breaks. Settlement below $67.00 would extend the downtrend; a close near $68.50 or higher would keep the rebound scenario alive.