Crude oil futures settle at $48.82 /BBL

Author: Greg Michalowski | Category: News

Up $0.23 or 0.47% on the day

The price of the crude oil futures are settling the day at $48.82/bbl. That is up $0.23 or 0.47%.

The high price today reached $48.98.
The low price traded to $47.98.
The range for the day $1.00.

For the week, the high price extended to $50.22 during yesterday's session. The low for the week was today's low at $47.98.

Last Friday closed at $49.58.  

Technically, looking at the daily chart below, the low today stalled right at the 100 day MA at $48.00 (low reached $47.98). A trend line connecting the most recent July lows stalled the fall as well.  

On the topside, the high yesterday also stalled at a trend line.  Going into next week, those trend lines will help define the key support and resistance levels for crude oil - break above (so asking for a break of the $50) is more bullish.  Break below, more bearish. 
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