Crude oil higher on the day but off loftier levels ...Middle East

Analysts note this restrained approach eases fears of oversupply, while ongoing geopolitical risks—from the Russia-Ukraine war to potential new U.S. sanctions—are adding further support to the market.

Last week, the low price on Friday extended to $61.45, which equaled the low price going back to August 18. Ultimately, if the sellers are to take more control, getting below that double bottom is required. Looking at the daily chart below, the risk is a move back above the 100 day moving average currently at $64.28. As long as the price can remain below that level, the sellers remain more in control.

This article was written by Greg Michalowski at investinglive.com.

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