The price of crude oil futures are settling at $115.26 . That is up or %. The low for the day reached 114.58. The low for the day extended to 117.87.
Shanghai lifted their lockdown which is a positive for oil. The Russian oil ban in the EU at the end of the year is also positive.
Technically the price did move higher earlier, but is has given up gains and is settling below the 100 hour MA at $115.60. The price has tried to break that MA over the last two days, but momentum has stalled. Nevertheless, keep an eye on the MA for short term bias clues. Stay below is more bearish. Move above is more bullish.
This article was originally published by Forexlive.com. Read the original article here.