The price of WTI crude oil futures are settling sharply higher and back above the $100 level. The price is settling at $102.98. That’s up $7.94 or 8.35%.
Looking at the hourly chart, the price rise today took the price of the contract back above its 100 hour moving average at $100.23 (see blue line in the chart above). The price is still well below its 200 hour moving average at $108.66. The 38.2% retracement of the move down from the March 6 high is at $107.66.
The price has moved up around 10.3% from its cycle low on March 15.
Crude has moved higher help by China rebound. Companies in Shenzhen, China, the major industrial Chinese business center will be allowed to reopen. Testing of everyone in the city of 17.5 million people has led to 71 new cases in a 24 hour period. China looks to limit the spread by finding through testing those patients that are infected and isolating them.
In other news, the IEA estimates that from April, 3 million barrels a day of Russian oil output could be out of the market as a result of sanctions.