WTI crude oil futures snapback higher today

<p> 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. </p><p>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.</p><p>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.</p>

This article was written by Greg Michalowski at www.forexlive.com.