WTI Crude oil settles at $79.68

The price of WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term crude futures Futures Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Read this Term is settling at $71.68

That is up $1.52 or 1.94%. The high for the day reached $79.73. The low reached down to $75.83.

The price action today was influenced by a report earlier in the day that the UAE was contemplating leaving OPEC. That sent the price sharply lower. Later there was a denial which pushed price back to the upside. The price is closing near its highs for the day.

For the trading week the price is up $3.34 or 4.34%

Looking at the daily chart above, the move to the upside has taken the price above a topside trendline at $78.37. Bullish.

The price is also approaching the 100 day moving average at $80.26 (blue line in the chart above). Back on January 23 and again on January 27, the price moved above that moving average level intraday, but closed below the level on each break, reversing the bias back to the downside.