WTI crude oil is higher on the week
The price of WTI crude oil futures is settling at $69.26. That’s down $0.70 or -1.0%.. The low-price reached $66.82. The high price extended to $70.38. For the trading week, the price is up $3.47 or 2.32% from the close last Friday.
Looking at the hourly chart below, the price is settling near the 100 and 200 hour moving averages which are near converged at $69.20. The low-price this week was reached on Monday at $64.36. The high price extended to $71.67 during yesterday’s trade. With the price near the converged 100 and 200 hour moving averages, the market is setting up for a move away from those levels in the new trading week. However, traders are unsure which way it wants to go. The moving averages will be be the close barometer for more bullish and more bearish next week. Trade above will be more bullish/trade below would be more bearish.