Big rebound off the low near $66.67
The price of WTI crude oil futures are settling at $69.25. That's up $0.96 or 1.41%.
The low to high trading range was around $2.78 with a high price reaching $69.45 and a low down at $66.67.
The move to the downside was led by reports that the Biden administration had spoken to OPEC/Saudi Arabia regarding increasing production to bring the price of oil lower. Later during the White House press briefing, the discussion seemed a little less certain. They said:
- Outreach to OPEC members ongoing
- Efforts are aimed at long-term engagement, not necessarily immediate response
- White House has not asked US oil producers to increase output
The price oil moved higher off the comments and closed with a solid gain of 1.41%.
Technically, the rise to the upside was able to get close to its 200 hour moving average at $69.50. The 50% midpoint of the move down from the end of July high to the August low comes in at $69.67. That area between $69.50 and $69.67 should give traders some cause for pause on a test, with stops on a break above.
