Crude oil futures settle AT $71.99

Technical Analysis

Crude oil futures are settling at $71.99, that is up $0.52 or 0.73%.

Some influences:

  • OPEC+ delayed 180,000 barrels per day of monthly production increases to January.
  • US election uncertainty: Vice-President Kamala Harris and former president Donald Trump are neck and neck.
  • China’s improving economy supports oil prices.

Technically, the price spent most of the day between a swing area between $71.44 and $72.43. The low price today reached $71.32 just below the low of the swing area, while the high reached $72.64 some $0.20 above the high of the swing area. The price is closing near the middle of the range.

Traders will be looking for a break in either direction followed by momentum.

Articles You May Like

AUDUSD trading near the middle of the range for the week. Some ST bullish.Some ST bearish.
Lowe’s beats on earnings and hikes guidance, but still expects sales to fall this year
Euro and Sterling Under Fire after PMIs, Swiss Franc Reverses Gains
Attack the currency trend: The EURUSD has been stepping lower with more selling today
Sentiment Stabilization Reverses Yen Gains and Halts Gold’s Rebound

Leave a Reply

Your email address will not be published.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