WTI crude oil futures settle at $55.63

Technical Analysis

Author: Greg Michalowski | crude-oil

$.33 or 0.6%

The WTI crude oil futures are settling the day at $55.63. That is up $.33 or 0.60%

The high for the day reached $56.36, while the low extended to $54.99.

A week ago, the contract closed at $60.39. 

Looking at the chart below, the price fell below it's 100 hour MA on Monday, retested the 100 hour MA on Tuesday before tumbling lower on later in the day.  That fall took the price below the 200 hour MA (green line).

$.33 or 0.6%
The price after the settle is moving a bit higher as news from the Straits of Hormuz regarding seizure of British tankers has traders anxious into the weekend.  
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