In today’s oil analysis (Monday, 2 November 2026), we follow up on West Texas Intermediate crude (WTI) on the 1-hour timeframe, continuing our previous analysis. The expected scenario has played out exactly: oil rose to test the resistance zone near $104, then reversed lower to support at $95.7, now trading near $95.57.
📊 Levels Map
▲ Bullish scenario
Bullish bounce: holding above 95.7 with fresh buying could drive a rebound toward 100 then resistance at 103.4.
▼ Invalidation scenario
Continued decline: a break and close below 95.7 opens the door to further downside toward lower support levels.
Our previous analysis played out as expected
In our previous oil analysis, we outlined a clear technical scenario: a possible rise first to test resistance between 103.4 and 104.6, followed by a bearish reversal toward support at 95.7. That is exactly what happened; price touched the resistance zone, reversed lower, and reached the support target, confirming the accuracy of the technical read and the strength of these levels.
Oil now at a glance
- Current price: around $95.57 (+0.03%).
- Resistance it reversed from: $103.4 – $104.6.
- Current support (target reached): $95.75.
- Trend: short-term bearish after reaching the support zone.
Key technical levels
| Level | Value (USD/barrel) | Significance |
|---|---|---|
| Upper resistance | 104.575 | Latest reversal top |
| Major resistance | 103.393 | First obstacle to any rebound |
| Current price / support | 95.747 – 95.570 | Downside target reached; decision zone |
The scenario now
After reaching the support target at 95.7, this zone becomes a key decision point:
Factors affecting oil
Oil remains sensitive to supply-and-demand factors (producer decisions such as OPEC+, and U.S. inventory data), along with dollar strength after the latest Fed decision, and geopolitical risk that can move prices sharply in either direction.
Bottom line
Today’s oil analysis confirms the previous read; price rose to resistance then reversed toward the 95.7 target as expected. The 95.7 zone is the next decider: holding it favors a bounce, and breaking it means a deeper decline.
Frequently asked questions
WTI crude is trading today near $95.57 per barrel after falling from the 104 resistance zone toward 95.7 support.
The support zone at $95.7; holding above it favors a bounce, and a break with a close opens a deeper decline.
Major resistance sits at $103.4, then upper resistance at $104.6.
This content is for educational and informational purposes only and is not investment advice. Trading oil and currencies involves risk; make your decisions based on your own circumstances and consult a professional if needed.
