US crude oil futures settle at $31.73

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Up $0.23 or 0.73% on the day

The price of WTI crude oil futures are trading up $0.23 or 0.73% on the day. 

The high price today reached $33.87. The low price extended to $30.33.

For the week, the low price extended to $27.34 on Monday. The high price for the week extended to $36.35. 

The closing level from a week ago was at $41.28.  Recall from a week ago OPEC+ failed to come to agreement on production cuts (with Russia balking), and that sent the price to the low for the week at that time. Over the weekend Saudi Arabia lowered the price of crude to American Asian and European buyers, and said they would increase production as well. The price and production war was on.  

For the week, the fall from the close was $9.55. That is equivalent to a oversized -23.1% decline.

Looking at the daily chart below, the next key target on the downside would be at the January February 2016 low prices at the $26.19 sent area.

Up $0.23 or 0.73% on the day

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