Contract rises by $0.09 or 0.15%

The active contract for crude oil is settling the day up $0.09 or 0.15% at $59.29 per barrel. The settle price comes in at $59.29.

The high for the day reached $60.83, while the low extended to $59.10.

Last week, crude fell on the back of higher inventory data and a sharp rise in rig counts in the US.

Technically, the price broke below a trend line on Friday and stayed below that trend line over the last two days (finding sellers against the underside of the broken trend line).

The downside targets on the daily comes in at:

  • The 38.2% of the move up from the September low at $58.61
  • The 100 day MA at $57.32.
  • The 50% comes in at $56.12

Brent crude is ending it's session down -$0.20 at $62.59.