Up $1.46 vs 6.18%
The price of crude oil futures are settling at $25.09. That's up $1.46 or 6.18% on the day.
The high price today reached $26.45, while the low extended to $23.74.
Looking at the daily chart, the settle price was below the swing low going back to 2016 at $26.05. That keeps the sellers more in control from that chart's perspective.
Zooming in the same daily chart, the rally last Friday moved through the 50% of the range since the gap lower in March at $27.81 but could not reach the 61.8% at $29.83 (the high reached $29.13 on Friday). The closes this week have all been below the 50% retracement level.
The good news for the dip buyers (and it is small), is the low today was higher than the low from yesterday (then again the high was lower than the high yesterday too).
Nevertheless, the sellers are still more in control as oil traders continue to grapple with over supply, and sharply lower demand. It will take a move back above the 50% of the small range from the post gap lower at $27.81, to give buyers more confidence.
