Bias: The December crude contract settled at 104.12 on Friday, up 2.12 or 2.08 percent, after trading between 104.99 and 102.43. That 2.56 point range printed a higher high and a higher low against Thursday, and the 104.12 settle is the highest settlement of any session from 10/20/25 through Friday, with the 104.99 high matching the published 52-week high. Brent’s December contract settled at 117.64, up 2.76, so its premium over December WTI widened to 13.52, and December now stands 1.91 above January against 1.86 on Thursday. Gasoline rose 2.22 percent and heating oil 1.93 percent, and both product margins over crude widened. The news feed carried reports of a Houthi attack on Aden airport and of a vessel hit by a projectile south of Lavan Island before the settle, then reports of a fourth tanker striking a mine in the Strait of Hormuz alongside the President’s remark that there are talks with Iran. Electronic trade after the settle ended the week at 102.95, 1.17 beneath the settle, so the Sunday reopen starts beneath Friday’s settlement. Crude and the products rose while the S&P 500 cash index fell 1.82 percent and gold 3.29 percent. The settle sits above every settlement average from the 5-day to the 200-day, positive direction leads on the 9-day and 14-day directional systems, and the composite multi-indicator read stands at 100 percent buy with maximum signal strength. In this review’s interpretation the bias stays constructive while the contract holds above two standard deviations support at 101.94, with a test of Pivot S1 at 102.70 the more likely first move after the late Friday decline. The producer meeting of Sunday, November 1, 2026, per the verified forward calendar, falls inside the two days of headline exposure between Friday’s settle and the Sunday reopen at 6:00 PM ET, and construction spending at 10:00 AM ET on Monday, November 2, 2026, per the verified forward calendar, is the first scheduled US release.

Resistance:
– 106.41 Pivot R2
– 106.30 two standard deviations resistance
– 105.66 one standard deviation resistance
– 105.26 Pivot R1
– 105.16 published target price
– 104.99 Friday’s session high and 52-week high
– 104.92 relative strength projection at 70 percent
– 104.12 Friday’s settle

Support:
– 103.85 Pivot Point
– 102.95 post-settlement print at the Friday halt
– 102.70 Pivot S1
– 102.58 one standard deviation support
– 102.43 Friday’s session low
– 102.00 Thursday’s settle
– 101.94 two standard deviations support
– 101.29 Pivot S2

Primary Setup: LONG the December contract from the 102.45 to 102.75 band around Pivot S1 at 102.70. Stop 101.85, beneath Friday’s 102.43 low and two standard deviations support at 101.94. Targets at 103.35 first, beneath the Pivot Point at 103.85, 104.10 second, beneath Friday’s 104.12 settle, and 104.85 third, beneath Friday’s 104.99 high. Risk to reward is roughly 1:1 to the first objective, 1:2 to the second and 1:3 to the third from the entry midpoint. The 14-day average true range is 3.59 points against a 75 cent stop distance. A settle beneath two standard deviations support at 101.94 negates the thesis; two consecutive 30-minute closes beneath 102.45 remove the edge before the stop is reached. A weekend headline can carry the reopen through the band in one move. A confirmed step toward a US and Iran arrangement is the main risk to a long, which makes this an analyst judgment that dips are bought while the trend averages hold. All levels are the December contract’s.

The 104.12 settle is the highest settlement of any session from 10/20/25 through Friday, yet the post-settlement decline to 102.95 left the reopen reference beneath it. In this review’s interpretation Monday is a test of whether buyers return near Pivot S1 at 102.70 after the weekend’s producer decision and Gulf headlines, or whether a de-escalation reading carries the contract toward 101.94.