Crude oil price started a fresh increase above the $85.00 resistance against the US Dollar. The price remained well bid and it even surpassed the $88.00 level.
There was a close above the $88.50 level and the 50 hourly simple moving average. A new multi-month high is formed and the price is now moving higher towards the $90.00 level.
An immediate resistance is near $90.00 on FXOpen. A break and close above the $90.00 level might for more upsides. The next key resistance is near the $92.00 level, above which the price might rise steadily towards the $95.00 resistance level.
On the downside, the previous resistance at $88.80 might act as a support. Any more losses might call for a test of $87.50 and the 50 hourly simple moving average in the coming sessions.
