WTI Crude Oil Pulls Back to $66.31 After Failing to Hold Above Key Resistance

WTI crude oil futures settled at $66.31, down $0.17 on the session, as buyers failed to sustain momentum after pushing prices to $67.28 — the highest level since August 2025. Despite the intraday reversal, the broader trend remains constructive, with crude up approximately 21% from the December low of $55.08, reflecting a strong multi-month recovery. On the daily chart, price had briefly reclaimed the 50% Fibonacci retracement of the decline from the June 28 high, located near $66.74, before slipping back below this critical technical level at the close. The inability to hold above this retracement suggests near-term exhaustion among buyers, with the $66.74 area now acting as immediate resistance. Support is seen at the $65.50 zone, aligning with prior consolidation. For forex traders, the pullback in crude oil could ease upward pressure on commodity-linked currencies such as CAD and NOK, while providing modest relief for oil-importing economies. Traders should monitor whether price can reclaim the $66.74 level on subsequent sessions to confirm bullish continuation.