Crude oil moves close to 100 day MA
The price of WTI crude oil futures are selling at $79.72. That’s up $1.66 or 2.13%
The high price reached $80.33. That was the highest level since January 30. The low price was at $77.47. For the week, crude oil is up $6.94 or 8.49%. Ever since the biggest one we gained going back to early October.
Looking at the daily chart, the price is getting closer to its 100 day moving average at $81.08. The price has not closed above its 100 day moving average since early November. A move above the 100 day MA would next target a swing area between $82.48 and $83.34.
Today Russia cut oil output in response to Western sanctions. They plan to lower production by about 5%. This is a rare move outside of the OPEC alliance.
The end of year level came in at $80.26. With the sell price at $79.72. It is within $0.54 of the end of your level.