Up $0.72 or 1.75%
The price of WTI crude oil futures are settling at $41.94. That's up $0.72 or 1.75%.
The high price for the day reached $42.33. The low price extended to $41.17. The gains they were helped early on by comments from Aramco which spoke positively on global demand.
Looking at the daily chart above, the price high from last week stalled ahead of its falling 200 day moving average. That moving average currently comes in at $43.76 and will continue to be a hurdle if the buyers are to take more control.
On the downside, the rising 50 day moving average currently comes in at $40.01. Keep an eye on that level. If broken we could see further downside momentum toward the broken 38.2% retracement at $37.06 and the rising now 100 day moving average at $35.17.
In between the 200 day moving average and 50 day moving average since the 50% retracement at $41.71. Although the price traded above and below that level for the 5th consecutive day, it is closing above the level today which tilts the bias a touch to the upside.
