WTI crude oil moves up by a little over 2% to $68 in European morning trade
The rebound in oil continues to take shape amid as buyers seek to build on a bounce of the support from the July lows in overnight trading.
The 100-hour moving average @ $68.20 will be the next near-term resistance point for oil prices, after having limited a bounce on Friday last week.
That said, the push back above the 100-day moving average @ $67.13 is encouraging. But given delta variant concerns and China’s situation, gains may be capped closer to $70 should things keep as they are – at least for the time being.