The price of crude oil futures are settling at $63.52 that’s up $0.81 or 1.29%. The high price for the day reached $63.67. The low price was at $62.52.
Looking at the hourly chart, the low price tested the falling 100 hour moving average, and found willing buyers. That gave the buyers the go-ahead to push to the upside. The earlier high for the day near $61.48. Getting and staying above the moving averages tilted the short-term bias to the upside. Traders looking for more upside could now use the moving averages as a risk defining level – especially since the 100 hour moving average did hold on the move lower today.
Fundamentally,
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Global PMIs beat: US Manufacturing 53.3 (3-yr high) and Eurozone 50.5 top forecasts
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Geopolitics/sanctions: Little sign of a near-term Russia-Ukraine resolution
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Inventory tightness: EIA showed stronger-than-expected drawdown in the current week
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Constrained US supply growth: Rigs flat at 411 (near multi-year low) and output still below record. The weekly Baker Hughes data will be released tomorrow
This article was written by Greg Michalowski at investinglive.com.