WTI crude oil futures snapback higher today

Earlier today, Saudi Arabia announced that it will extend its voluntary 1 million barrels per day (mbpd) oil production cut through September. They added that the cuts could potentially be extended or deepened.

Following this announcement, Crude oil prices increased by more than $1. The momentum has continued. The price is currently up over $2.12 or 2.63% to $81.57.

Looking at the daily chart, the low price yesterday and today stalled near a downside target around the $79 level (the low price today reached $78.69, but bounced back on higher). On the top side, a key ceiling swing area between $82.43 and $83.44 remains as a target to get to and through for increased bullish technical momentum. The high price from yesterday stalled right near the low of that swing area.