Rises by 2.22% on the day
The price of crude oil is settling for the day up $1.48 or 2.22% at $68.21.
- The high extended to $68.51.
- The low fell to 66.15.
Earlier today, an OPEC spokesperson said that "supply cuts pact to stay in place but level of cuts may be adjusted if needed".
That sent the price to the session highs.
Technically, the move higher took the price to the 38.2% of the move down from the May 22 high to the lo reached on May 28th. That level comes in at $68.49 (vs the high at $68.51). The move higher was also able to get above the 100 hour MA at $68.03. The last four trading hours has been able to stay above that MA.
So the buyers are leaning against the 100 hour MA below (at $68.03) and against the 38.2% retracement above (at $68.49).
Later today, the private inventory data will be released.
