The price of WTI crude oil futures are settling at $88.15. That is up $1.33 or 1.53%. The high price today reached $88.23. The low price extended to $86.38.
Looking at the hourly chart, the price tried to dip below its 100 hour moving average (blue line in the chart below) currently at $86.88, but could not sustain any momentum and the price rotated back to the upside.
The cycle high for crude reached $88.76 last week. That was the highest level in over 7 years.
This article was originally published by Forexlive.com. Read the original article here.