The lows this week stalled at the 100 day MA

The price of crude oil is moving higher - up about $1 at $69.73. The pair is up on headlines from Saudi's OPEC governor saying:

  • July oil exports to be roughly equal to June levels
  • talk of oil market oversupply are without basis
  • oil exports in August to drop by roughly 100 K B/D
  • they won't push will supply that customers don't need

It seems that Saudi Arabia will not pump more and that has the price moving higher.

Also helping is that technically, the price stalled at the 100 day MA this week at the lows. That hold is more bullish and gave the buyers more confidence.

Looking at the hourly chart, the price moved above the 100 hour MA at $68.83. That is now risk for the buyers (blue line in the chart below).