Up $2.97 or 4.94%
The price of WTI crude oil futures soared in trading today. The price settled at $63.15. That was up $2.97 or 4.94%. The high price reached $63.44. The low price was down at $60.38
The pair was higher earlier in the day after breaking above a topside pennant trendline late yesterday, and got shot higher after inventory data this week showed a sharp reduction. The breakout of the up and down trading range going back to March, and a more recent up and down range (see red boxes) gave the buyers the clue to run with the move higher. Standing above $62.25 is now a support level. On the topside the next target comes in at a swing area between $63.58 and $63.80.
