Crude oil futures settle up $1.35 or 2.59%
The price of WTI crude oil futures are settling at $53.55. That is up $1.35 or 2.59%. The OPEC had kept to its quotas in January.
OPEC's Joint Technical Committee is due to meet on Tuesday while the policymaking Joint Ministerial Monitoring Committee meets on Wednesday.
Technically, the price is up testing the highs from last week (and the highest level since January 20). The high price last week reached $53.58. The high price for the month of January and the highest level going back nearly a year reached $53.94.
The price since January 8 has been trading in an up and down trading range between $51.40 and $53.94. In between sits the 100 and 200 hour moving averages at $52.60 and $52.67 respectively. Today the price moved back above those moving average levels but has traded above and below those levels since January 26 daily.
Although the moving averages not proved to be a barometer for both repairs for any extended period, getting back above still tilts the bias more to the upside. At some point the high of the trading range of 53.94 or the low down near $51.45 will be broken - with momentum.