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Crude Oil Prices Challenge Key Range Top. Breakout Ahead? (May 28, 2022)
Crude oil prices have been locked in a choppy consolidation range for much of the year. The WTI contract spiked to test above the $130/bbl figure amid supply disruption fears as Russia invaded Ukraine, and then pulled back to settle for aimless oscillation in a wide $92.93-116.64 trading band.
Prices have now edged upward to challenge range resistance. A break above that secured on a daily closing basis may set the stage for extension higher, toward the year’s high at $130.50. The record high just above $147/bbl set in mid-2008 is not far behind that if the 2022 swing top is cleared.
