Technical Analysis

WTI crude oil futures settle at $68.44

Down -$0.65 or -0.94%

The price of WTI crude oil futures settle at $68.44. That’s down $0.65 or -0.94%. The high price reached $69.22. The low price extended to $68.15. The low today was just above the closing level from last week near $67.95. 

For the week the price moved lower on Monday falling to a low of $65.13 before rebounding to a high of $69.60 on Thursday. That was just short of the 50% midpoint of the move down from the July 31 high at $69.67.

The pair traded above and below its 200 hour moving average yesterday and today. At the low today, the price did dipped below the 100 hour moving average currently at $68.22, but rebounded into the settlement. The price trades between its 200 hour moving average above at $68.61, and the 100 hour moving average below at $68.22.

The EIA lowered their demand forecasts this week in reaction to increase global Delta virus cases.  Also of note this week was the White House call for more production from OPEC+ to help lower the price of oil and avert a global slowdown.  

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