WTI crude oil settle at $75.88

Technical Analysis

Up $0.85 or 1.13%

The price of WTI crude oil futures are settling the day at $75.88. That is up $0.85 or 1.33%. The high price for the day reached $75.99. The low price extended to $74.23.

A week ago the price closed at $73.98. The low for the week was reached on Thursday at $73.14. The high was on Tuesday at $76.67. That high was just short of the July 6 high at $76.98 (high for the year).

This week, the inventory data showed a surprise build of 4578K vs expectations of a drawdown of -1652K. There was also chatter about OPEC+ increasing production to account for the lack of supply.  The dip off those moves could not be sustained, and the price has rebounded back above the upper half of the trading ranges week. For the week the price is up $1.90 or 2.56%.

Articles You May Like

Global Markets Look Beyond Trump’s Inauguration as Local Drivers Take the Lead
US stock indice close higher on the day and have positive returns for the week
United Arab Emirates Gold price today: Gold rises, according to FXStreet data
TSMC net profit hits record high as fourth-quarter results top expectations on robust AI chip demand
EA shares drop 7% after company lowers guidance due to weakness in soccer, other games

Leave a Reply

Your email address will not be published. Required fields are marked *