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New contract today
The price of crude oil futures settled up $0.46 or 0.65% at $70.78. Yesterday the front contract expired (the October contract). Today the November contract is the lead contract and the benchmark.
Last Friday, the price settled at $68.99. So for the week the price is up $1.79. Helping was a draw down of inventory and increased demand. The hurricane might have been a help for prices.
Pres. Trump tweeted on Thursday that he would appreciate some cooperation from OPEC at their next meeting in getting the price of oil lower.
I can’t say it helped a lot but it may have put a lid on the price.
The high for the week reached $71.81 yesterday. The high today reached 0.7180. The low for the week reached $68.53 on Monday and Tuesday.
The price is closing above the 100 day MA at $68.99. If the President’s wishes are to be a reality, it would help technically if the price could dip back below that 100 day MA level.
