High extends to $33.87
The price of crude oil has moved up from about $31.90 to a new session high of $33.87 after Pres. Trump announces that the US will fill up the strategic oil reserves given the low oil prices. That is the good news. The not so good/bullish news is that the earlier high for the day was at $33.86 just $0.01 below the new high level.
The contract currently trades at $33.33.
A move above the $33.87 level will be needed to give buyers more confidence for further gains
