US crude oil futures settle at $59.60

Technical Analysis

Author: Greg Michalowski | crude-oil

US crude oil futures down $0.17 or -0.28%

The price of WTI crude oil futures is settling at $59.60. That is down $0.17 or -0.28% on the day. The high price reached $59.85. The low price extended to $58.82.

Crude oil futures
Looking at the hourly chart above, the price highs found willing sellers against its 100 hour moving average currently at $59.67. There were a few tests of the level, but sellers leaned against the resistance level.

On the downside, the price did move below the 61.8% retracement of the trading range since March 23. That level came in at $59.15. However downside momentum was limited to $58.82 which was well above the lows from yesterday.
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