The price of WTI crude futures 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%
Crude oil moved above a topside trendline
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.