WTI crude oil futures settle at $72.76

The WTI crude oil futures are settling at $72.76. That is up $1.64 or 2.31%. The settle price yesterday was at $71.12.

Crude oil

Crude oil is testing a key swing area

Looking at the hourly chart above, the price is up testing a key swing area between $72.74 and $73.03. There are a number of swing highs in December where the price stalled against those levels.

Admittedly, the high price for December was above the swing area at $73.34, but that was only for a few hours (on December 8th).

Prices are moving higher well off the early December low at $60.43 and the low from even Monday at $66.12, but the pair is testing a key area that has been a ceiling for the month. Key level for both buyers and sellers.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *