The price of crude oil futures are ending the day with sharp gains. The contract is settling at $54.93, up $1.29 or 2.4%.
The high for the day reached $55.00. The low extended to $53.69.
Russians energy minister said that they are committed to OPEC's production cuts which helped to support the price. After the stock close, the private data it will be released. Tomorrow the Department of Energy will release their weekly inventory data as well.
Technically, looking at the hourly chart below, the contract's rise in late trading has taken the price up to the 100 and 200 hour moving averages (blue and green lines). The 100 hour moving averages is currently at $54.81 while the 200 hour moving average is higher at $55.13. The settled price of $54.93 is between those two moving average levels. A move above is needed to give the bulls/buyers more control.