The price of WTI crude oil futures are settling at $88.26. That’s up six cents or 0.07% on the day. The high price reached another new seven year cycle high of $89.72. The low price extended to $87.10.
Looking at the hourly chart, the price had been trading between $86.20 and $88.84 since June 26. The move above that level today could only stay above for about three hours before the price started to rotate back to the downside. The low price came in near the swing high going back to June 20 (was a seven year high at the time).
Today, the OPEC+ kept production increase at 400,000 BPD which was as expected.
This article was originally published by Forexlive.com. Read the original article here.