WTI crude oil futures settle at $40.59

Technical Analysis

Author: Greg Michalowski | crude-oil

Down -$0.16 or -0.39%

The price of WTI crude oil futures are settling at $40.59. That is down -$0.16 or -0.39%. The high for the day reached $40.90. The low extended to $.40.02.  The September contract settled at $40.75, down -$0.18 on the day. 

For the week, the contract settled at $40.55. With the settle price at $40.59, it closed up only $0.04 on the week. The high for the week reached $41.26. on Wednesday. The low was at $39.07 on Tuesday.  

Technically, the high for the week stalled right at the 50% of the years trading range for the August contract.  If the price is to go higher, getting and staying above that level will be eyed. 

Down -$0.16 or -0.39%

Looking at the September contract, the high for the week reached $41.46. That stalled just short of its 50% retracement for 2020 at $41.71. 
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