Settle at $56.55, Up $1.41 or 2.56%

US crude oil futures are ending the week with strong gains.

The front contract is settling at $56.55. That is up $1.41 or 2.56%.

The high for the day reached $56.60. The low for the day extended to $55.18.

Technically, the price moved above the 100 hour moving average and trading today (blue line in the chart above) and then the 200 hour moving average - currently at $56.37 (green line chart above). The price is closing above the 200 hour moving average which is more bullish. Although sharply higher, for the week, the price is down about $.20 from last week's close.

So the downside was tested. The price based around the $55 level, and we are back where we began. Next week, the 200 and 100 hour moving averages will be risk and bias defining levels on the downside. Stay above is more bullish. Move below is more bearish.