Buy the fact. WTI crude oil settles at $78.50.

Technical Analysis

Author: Greg Michalowski | crude-oil

up $1.75 or 2.28%

The price of WTI crude oil is settling at $78.50 up $.175 or 2.28%. That rise comes despite the coordinated release of Strategic Petroleum Reserves from the U.S., India, China, Japan, Republic of Korea and the United Kingdom. That coordinated move, is the first such move of its kind.

Overall, the  U.S. will release 50 million barrels from the SPR with 32 million barrels being exchange over the next several months, and 18 million barrels an acceleration of a previously authorized sale.

The sale is only a small amount and the markets reacted with a "buy the fact" move higher.  

Looking at the hourly chart below, the price high moved up to $78.84. That was just short of the falling 100 hour MA at $78.94 (green line). The price settled just below the 38.2% at $78.64.

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