March contract up $1.23 or 2.11%

WTI crude oil futures are settling $59.47. That's up $1.23 or 2.11%.. The high price for the day reached $59.82. The low extended to $57.41.

March contract up $1.23 or 2.11%

Looking at the hourly chart above, the price dipped below its 100 hour moving average near the close of trading yesterday and continue the fall into the Asian session, but did find support buyers against the swing low from Tuesday and Monday near $57.32. The low price today reached $57.41 just $0.09 away from that support level.

The move back above the 100 hour moving average led to more buying momentum as state getting above the high price from Wednesday's trade at $58.91.

The next target comes at the $60 level.

Since the January 4 low at $47.31, the price of crude oil has now risen over 25%. Not a bad run to the upside for the black gold.