US crude oil futures settle the week at $52.61

Technical Analysis

Author: Greg Michalowski | us-crude-oil-futures

Up from last week's end of week settle at $50.93

The price of crude oil futures are settling the week at $52.61. That is up $1.12 or 2.18%.

The high price today reached $54.22, while the low extended to $50.60.

OPEC and Non-OPEC members agreed to 1.2 million barrel per day cut in production.  The cuts will be for the first 6 months of 2019. OPEC will cut 800,000 bpd and Russia and other non-OPEC countries will cut another 400,000 bpd. 

The expectations were in the 1M to 1.4M bpd range. So the number splits the difference. 

Technically, the price moved lower in the last few hours of trading and is back down near the 100 and 200 hour MAs at $52.60 and $52.05 respectively.  The price action this week used those MA as barometers for bullish and bearish. Move above, more bullish. Move below, more bearish. 

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