Up $0.72 or 1.37%
The US crude oil futures are settling the day higher by $0.72 or 1.37% to $53.33. The low reached $52.55. The high extended to $53.39.
For the week, the high reached $54.61 on Monday. The low was yesterday at $52.54, $0.01 lower than the low reached today.
Technically, the oil price held support against a lower trend line on Thursday and Friday. If the price is to go lower, that line will need to be broken.
The market is battling between OPEC cuts and increasing supply/glut. The price has been in a range since December of about $50 to $55. More recently, the range has been more narrow as there have been higher highs since the move above $50 in early December. The price this week is closing back above the 50 day MA at $53.07 after dipping below that MA on Thursday. The 100 day MA is currently at $50.84.
Overall, with the trend line holding, the bias is still more bullish.
