WTI crude oil futures are settling at $80.86, up $0.03 or 0.04%.. The high reach $81.52. Low extended to $79.91.
Looking at the hourly chart above, the price high tried to get above the 200 hour moving average but could not sustain momentum. That moving average comes in at $81.38 ( the price could only get $0.14 above the moving average level before rotating back lower). As long as it price to remain below that level, the sellers have the short-term advantage technically. Conversely, move above the 200 hour MA and the buyers start to take back more control (with a move above the 100 hour moving average increasing that bias and $82.14).
On the downside, the gap still exists from the OPEC+ production cut decision at the beginning of the month. The price gap from $75.70. The low on the Monday, April 3 came in at $79.00. Stay below the 200 hour moving average and the move toward that gap would be eyed.
