WTI crude oil futures settle at $55.96

Technical Analysis

Author: Greg Michalowski | crude-oil

Up $0.79 or 1.43% on the day

The price of WTI crude oil futures are settling the day at $55.96. That is up $0.79 or is 1.43%. The gains today were helped by reports that Saudi Arabia plans to deepen the OPEC production cuts.. Also helping was strong Chinese manufacturing data that helps suggest there economy was doing better than thought.

The high for the day reached $56.67. The low was down at $55.42.

Technically, the 100 day moving average is at $55.85. The price on Friday closed below that moving average level (blue line in the chart below) on its way to a low price of $55.02. Today, the price could not extend to that low and was pushed higher on the fundamental production news.  Although off the high, the price remains above that 100 day moving average.  Buyers/bulls will want to see the price remain above that moving average level.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose