Crude oil price started a fresh increase after it formed a base above the $84.50 level against the US Dollar. The price broke the $85 resistance zone to move into a short-term positive zone.
The price gained pace for a move above the $87 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near $86.50 on the hourly chart. It is now consolidating gains above the $87.50 level.
However, the price is struggling to gain pace above the $88.50 resistance. The next key resistance is near the $90.00 level, above which the price might rise steadily towards the $92 resistance level.
If not, the price might decline towards the $86.50 support. If there is a downside break below $86.50, the price might accelerate lower to $85.00 on FXOpen. Any more losses might call for a test of $82.00.
