WTI crude oil futures settle at $57.12

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Up $0.32 or +0.56%

WTI crude oil futures are settling the day at $57.12. That is up $0.32 or +0.56%.
The high price reached $57.53. While the low price extended to $56.20.

Today OPEC's Barkindo said that the 2020 crude oil shale from the US was looking to be lower than expectations. That helped to give the price of oil a boost to the upside. 

The price of crude oil has traded above and below its 200 day moving average for the last 8 trading sessions (currently at $57.30). The high price over that period came in at $57.88.  With the settlement at $57.12, it looks like another failed break. It will take a move and close above the $57.30 level, and then a move above the high price at $57.88 to give buyers confidence that there is more potential to the upside.

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