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West Texas Intermediate (WTI) surges on Thursday, extending its rally for the third consecutive day after the United States (US) imposed sanctions on Russian energy majors Rosneft and Lukoil, stoking supply concerns.

At the time of writing, WTI trades near $61.46, up nearly 3.50%, recovering strongly after sliding to five-month lows earlier this week.

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From a technical perspective, the latest leg higher has shifted the near-term outlook from bearish to neutral-bullish, as prices challenge a key resistance zone around $61.50–$61.70, where the 50-day Simple Moving Average (SMA) aligns with prior horizontal support that has turned into resistance.

The zone is currently capping the upside, but a decisive daily close above this barrier would confirm buyers back in control, paving the way toward the 100-day SMA near $64.20 as the next key resistance level.

On the downside, immediate support is seen at Thursday’s low near $59.60, followed by $57.00 and the May swing low around $55.00.

Momentum indicators have turned constructive. The Relative Strength Index (RSI) sits at 54.6, rebounding from near-oversold territory, signaling improving bullish momentum. Meanwhile, the Average Directional Index (ADX) at 27.4 suggests a strengthening trend but not yet a fully established uptrend.

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