Up over 1% on the day
The price of crude oil is ending the day with strong gains.
The futures are closing at $65.80, up $1.07 or 1.65%. The high reached $65.91. The low extended to $64.63. The high price last week extended to $66.66. That was the highest high since December 2014 (using the front contract). A move above that level and there is not a lot of resistance until the 50% of the move down from the August 2013 high at $69.15
Brent crude futures also closed higher. It closed at $69.65 up to $.76 or 1.10%.
The reason cited for the rise today is that a survey showed OPEC's commitment to its supply cuts remains in place. On the other side, is the U.S. production topped 10 million barrels per day for the first time since 1970. The buyers won in trading today.
