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WTI crude oil tests key resistance after 20% rally, breakout could push prices above $85.

Market News
16 Jul 2026
FXEmpire
View Source
Bullish
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WTI crude oil has rallied over 20% from recent lows and is now testing a critical resistance level near $81.59. A breakout above this could open the way to higher Fibonacci targets around $85.20 and $86. The price has formed a bullish consolidation pattern, suggesting potential for further gains, but a pullback to support levels near $76.61 or the 200-day moving average around $75.39 could also occur before continuing upward. The market is at a decision point that will determine if the recovery continues or pauses.

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