Up $0.36 or 0.69%
The price of crude oil futures are settling at $52.81 for the week. Last Friday, the close was at $55.91. For the week, that is a decline of $3.10 or -5.54%. Inventories this week were higher. There was some negative from expectations for slower global growth.
Technically,the low for the week reached $50.99 on Thursday (low for the week) before the modest rebound today. That low got within $0.40 (give or take) of the swing lows from January, June and August 2019. Since early May, the price has been trading between $63.91 on the topside $50.60 on the downside.
The high for this week stalled near the 100 day moving average (blue line) and the 200 day moving average (green lines). Staying below gave the sellers the go-ahead to push the price lower.
