The worth of crude oil is settling at $63.66, up $0.14 or 0.22%.
The excessive for the day reached $63.93, whereas the low got here in at $63.31, leaving a comparatively slim buying and selling vary.
Wanting throughout the week, the market established a low at $61.45 on Monday, earlier than testing the falling 100-hour transferring common and rapidly rotating again all the way down to a Tuesday low of $61.67.
From that time, momentum shifted as the worth climbed above each the 100- and 200-hour transferring averages, solely to retrace again to the 100-hour common on Thursday, the place consumers reemerged to defend help. The rebound carried by means of into immediately’s session, with the rally extending to $63.93 — the very best degree of the week.
For the buying and selling week, the worth is up 1.05%. Though the worth is above the 100/200-hour MA giving the consumers some management within the quick time period, the worth continues to be under the 100-day MA at $64.36. The worth can be under the 38.2% of the transfer down from the top of July excessive at $64.91. Getting and staying above each these ranges is required to offer the consumers extra management.
