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Up from $67.75 last week
The price of crude oil is settling the day at $68.99. That is up $0.40 on the day or 0.58%. The contract is also up on the week. Last Friday, the contract settled at $67.75.
The high for the day reached $69.91. The low extended to $67.94. The price action was up and down today (see hourly chart above).
For the week, the low reached $67.33 on Monday. The high for the week reached $71.26 on Wednesday. The 100 and 200 hour MAs are at $69.00 and $68.87 respectively. The price is settling between those levels. The “market” is unsure of the next move (PS the high this week stalled just before the September 4th high).
This week, hurricane Florence was an influence (rightly or wrongly). Also weekly inventory showed another sharp drawdown. The anticipation of Florence and inventory data sent the price higher. As the storm seemed to lose some steam (and maybe the disruptions from the storm became less of an idea for traders), the price fell back down.
Next week, traders will looking for the run away from the MAs to give technical bias clues for the contract.
This article was originally published by Forexlive.com. Read the original article here.