WTI oil price climbs above $84 for the first time in over two months

WTI oil price rose to a nine-week high on Tuesday, extending Monday’s strong rally (up almost 2.5% for the day).

Increased demand from the summer driving season and persistent supply fears due to a heated geopolitical situation have driven oil prices above $84 per barrel for the first time since late April.

Bullish technical indicators on the daily chart (moving averages in a bullish setup, strong positive momentum, and a break above the daily cloud) contribute to a positive outlook.

Bulls have breached the $84.00 round-figure barrier but need a daily close above this level to confirm a move towards the $85+ range.

In the meantime, bulls may pause for consolidation, with dips expected to find support above the top of the daily cloud ($81.87, now solid support) to maintain bullish momentum and offer better buying opportunities.

Res: 84.03; 83.43; 85.00; 85.59
Sup: 83.32; 82.27; 81.87; 81.60