Crude Oil Prices Test Resistance Near $108 Following Recent Rally

Crude oil markets have maintained upward momentum, successfully hitting price targets at $102.50 and $104.35 before closing near the $107.70 level. Despite this recent climb, intraday charts indicate that the asset is encountering renewed selling pressure.

Market participants are now monitoring the $104.35 to $104.75 range, which has emerged as a critical support zone. Technical assessments suggest that as long as crude oil prices remain above this identified floor, the current bullish trend remains intact. Sustaining this support level could provide the necessary impetus for a further advance, with potential upside targets projected toward $112.70 or higher.