Up $1.32 or 2.16%
- The price of crude oil futures are settling the day up at $62.57
- That is up +$1.32 or +2.16%.
- The high reached $62.79
- The low extended to $61.10.
Technically, the price of the front crude oil contract, moved above its 100 and 200 hour MAs at $61.80 and $62.23 respectively. That move came after an earlier move stalled at the 100 hour MA.
The break above those MAs swings the bias back to the upside - as long as the price remains above those MA levels. Stay above, more bullish. Move below and the traders can easily swing back the other way.
The gains today come despite some bullish news from the IEA in Houston today. They said that the US shale oil output is to surge over the next 5 years, stealing market share from OPEC producers, and moving the United States closer to self-sufficiency.
US oil output hit a record late last year, and is expected to rise by 2.7 million barrels per day to 12.1 million barrels per day by 2023. Last year, the IEA forecast a 1.4 million barrel per day increase by 2022. So the production out to 2023 this year of 2.7M bpd is a healthy increase.
