WTI crude oil has rallied more than a dollar in the past hour to the highest since May 6. On the day, US crude is up 84-cents to $97.20/barrel. Two reasons have been cited for the climb:

  • Syria has launched an offensive against rebels, raising concerns about destabilization in the Middle East
  • Data showed Saudi exports declining

After a sharp rejection of $92 last Wednesday, oil is now testing a range of congested resistance stretching to the 2013 high of $98.24.

WTI crude oil daily chart