Crude oil futures settles at $69.46, up $0.70 or 1.02%

The contract will shift to the September contract tomorrow

The crude oil futures are settling at $69.46 today, up $0.70 or 1.02%. That high reached $70.17. The low was down at $67.80.

The price was pushed higher after Saudi's OPEC governor said:

• July oil exports to be roughly equal to June levels
• talk of oil market oversupply are without basis
• oil exports in August to drop by roughly 100 K B/D
• they won't push will supply that customers don't need

Technically, when the price moved above the 100 hour MA (blue line in the chart above), that led to the run up to the 38.2% of the move lower this month. That 38.2% comes in at $70.18. The high reached $70.17 and stalled.

The 100 hour MA is now support at $68.18. The 38.2% and the 200 hour MA (green line) at $70.64 is now resistance.