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Oil climbs by 2% on the day as rebound extends

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.

I talked more about the present situation in the oil market earlier here.

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