Oil Rally Stalls After June 3 Surge as Brent and WTI Hit Resistance

Brent and WTI crude oil prices opened Wednesday morning below key resistance, following a sharp rally on June 3. TradingView charts published at 06:13 UTC confirm Brent at $64.26 and WTI at $61.54.

Both benchmarks surged yesterday, with strong upward candles visible on the four-hour charts, but momentum faded overnight as prices encountered technical barriers.

The June 3 session saw buyers push Brent from near $63 to above $64, while WTI climbed from just under $61 to above $61.50.

This rally coincided with continued concerns over North American supply due to Canadian wildfires and anticipation of U.S. inventory data.

However, the move stalled as both contracts approached their 200-period moving averages—$65.08 for Brent and $62.65 for WTI. These levels now act as firm resistance.

Technical analysis of the four-hour charts shows both Brent and WTI holding above their 50- and 100-period moving averages, which provide immediate support.

The Ichimoku Cloud sits below price, indicating short-term bullishness, but the flat Kijun-sen and narrowing Bollinger Bands suggest consolidation rather than a clear trend.

Oil Rally Stalls After June 3 Surge as Brent and WTI Hit Resistance

Price action forms a small retracement after the rally, with the last candles showing indecision and reduced volatility. No breakout has occurred above the resistance lines.

Volume data is not visible, but the lack of follow-through after the rally and the tight price range imply that traders remain cautious.

ETF inflows appear muted, with no evidence of significant new positioning. The market awaits a catalyst, likely from official U.S. inventory figures or fresh supply news.

Fundamentals remain mixed. Canadian wildfire disruptions continue to support prices, but OPEC+’s measured output increase and weaker global growth forecasts from the OECD limit upside.

The U.S. dollar’s recent weakness provides some support, but macroeconomic and trade concerns cap enthusiasm.

The sharp move on June 3 demonstrates that buyers remain active on supply risk headlines, but the market quickly reverts to technical levels, reflecting uncertainty about the next direction.

With prices now sandwiched between support from the moving averages and resistance at the 200-period average, oil trades in a narrow band.

In summary, Brent and WTI rallied sharply on June 3 but stalled below resistance early June 4. Technicals show markets at equilibrium, with neither bulls nor bears in control.

The next significant move will likely depend on new fundamental developments or a decisive technical breakout.

For now, oil remains rangebound, reflecting a balance of supply concerns and macroeconomic caution.

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