WTI crude swings 3% intraday to settle at $82.13 near session low

WTI crude posted a 3% intraday swing on July 20, surging to $84.60 before closing at $82.13 as sellers seized control.

WTI crude swung 3% intraday on July 20, touching a high of $84.60 before settling at $82.13 a barrel, as late-session selling erased early gains and left the benchmark near its session low.

"The intraday reversal shows the market is struggling to sustain momentum above $84, with sellers stepping in each time prices approach that level," said Omar Tariq, energy analyst at Edgen.

The session opened at $82.91 and climbed to an intraday peak of $84.60 — a $2.49 range representing the widest amplitude of the trading day — before sellers drove prices back toward the open. The close at $82.13 marked a decline of $0.78 from the open, with the settlement price just $0.02 above the session low of $82.11. Trading volume reached 65,047 contracts, reflecting active participation as the market digested the reversal.

The failure to hold above $84 raises questions about the demand outlook, even as supply-side factors continue to provide a floor. With crude unable to sustain gains above that level, the focus turns to whether support at $82 holds in the coming sessions. A break below that level could open the path toward the $80 handle, while a reclaim of $84.60 would point to renewed bullish momentum.

The close near the session low indicates that selling pressure dominated the final hours of trading, a pattern that typically precedes further downside in the near term. The 3% amplitude — from $82.11 to $84.60 — ranks among the wider intraday ranges for the contract in recent sessions, suggesting heightened uncertainty around the near-term price direction. The inability to hold above $84 despite reaching that level during the session points to resistance forming near that price point.

Market participants will watch for the next round of inventory data and any policy updates from major producers for direction. Without a fresh catalyst, crude may remain range-bound between $82 and $84.60 in the near term.

This article is for informational purposes only and does not constitute investment advice.