The price of WTI crude oil futures are settling at $98.54. That’s down $3.53 or -3.46%. The high price reached $101.55. The low extended to $95.28. The move lower was propelled by lockdowns in China and expectations of slower growth.
Looking at the hourly chart, the low for the day stalled near a swing area ahead of the extremes seen in April. That swing area comes between $95.20 to $95.73. The low for the day reached $95.28. The last few hours has seen a snapback rally to the upside with the pair now testing another swing area near $98.72. Move above that level and it should open up the door for further upside probing.
This article was originally published by Forexlive.com. Read the original article here.