WTI crude oil trade above $83

The price of WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term futures are trading above the $83 level for the first time since November 17. The price high just reached $83.15. That's up about $2.60 on the day from the settlement price yesterday.

Looking at the hourly chart, the price also moved above the swing high going back to November 18 at $82.66, and the swing high going back to November 22 at $82.35. Those levels will now be eyed as close support. On the topside the 50% midpoint of the move down from the November 7 high comes in at $83.66.

The move higher in oil and the weaker data is taking some of the steam out of the US stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term.

• The Dow Jones is now down -270 points or -0.78%
• The S&P index is down -13.6 points -0.33%
• The NASDAQ index is down -37 points or -0.32%

It seems the reaction today is that the weaker data is not good for stocks – at least today. Interpretation can go either way depending upon the winds in the market. Weaker data good lead to a less hawkish Fed, higher unemployment, lower inflation. But weaker data can also mean lower earnings, and lower stock prices as a result.