Crude oil settles higher at $63.96 as consolidation continues

WTI crude oil futures closed 8 cents higher at $63.96, with intraday trading ranging between $63.02 and $64.44 as the market continues its recent consolidation phase. The modest gain reflects ongoing balance between supply concerns and demand uncertainties in global energy markets. Technical analysis shows price action converging with the declining 100-hour moving average at $64.49, creating a potential inflection point for directional moves. The multi-day consolidation pattern suggests traders are awaiting fresh catalysts, with weekly inventory data and OPEC+ compliance monitoring in focus. For forex markets, stable oil prices provide neutral backdrop for commodity currencies like CAD and NOK. A break above the 100-hour MA could target $65.50 resistance, while failure might see support tested at $62.50. Energy traders remain cautious amid mixed signals from Chinese demand recovery and ongoing Middle East supply dynamics.