Technical Analysis

WTI crude oil settles at $79.35

Up $1.05 or 1.34%

The price of WTI crude oil futures are settling the day at $79.35. That’s up $1.05 or 1.34%. 

The high for the day reached $80.11. The low for the day extended to $78.63.

A week ago, the price settled at $75.88. With the price settling at $79.35 that’s a gain of 4.57% for the week. Not bad.

This week, the inventory data showed another surprise build. That led to some corrective price action with the low for the week coming on that day at $74.96. There was also rumblings at the US would open up the strategic petroleum reserve. That talk was later denied by the Biden administration. 

Both Thursday and Friday saw the price rebound higher with the contract moving above $80 for the first time since 2014 before rotating back to the downside into the settlement.

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