WTI crude oil futures settle at $90.21

The WTI crude oil futures are settling at $90.21. That is up $0.17 or or 0.18%. That is for the April contract. The high for the day reached $91.07. The low extended to $87.46

The March contract settled at $91.07 down $0.69 on the day.

A week ago, the price closed the day at $93.10. The high this week reached $95.82 on Monday. That was yet another 7 year high.

The price has been mostly lower since then as the market wrestled with the potential for a solution to Iran nuclear deal and the risk of invasion from Russia into Ukraine.

Also helping the sellers /profit takers, was a unexpected build of inventories on Wednesday. Today Baker Hughes rig counts increased by 10 rigs after a 19 rig increase last week (highest in 4 years). All help the supply side of the equation.

Looking at the hourly chart, the rebound seen at the end of day has taken the price back up to test the 200 hour MA (green line). Sellers leaned on the test. That MA and the falling 100 hour MA (blue line) will be resistance in the new week.

On the downside, the $86.20 to $86.78 is a swing area target on more weakness.

Crude

Crude oil is below the 100/200 hour MA

LEAVE A COMMENT

Your email address will not be published.