Up $0.63 or 0.93%
The price of crude oil is settling at $68.52 . That is up $0.63 or 0.93%. The high today reached $69.05. The low extended to $67.80.
The rise is helped by tensions between the US and Iran which could limit supply. Later today, the private inventory data will be released with the EIA weekly statistics due out tomorrow. The expectations for the data tomorrow is for a draw of -3100K after last weeks surprise build of 5836K.
Technically,the buyers and sellers are battling it out between levels.
Looking at the daily chart, on the downside, the price remains above the 100 day MA at $67.39. The low today reached $67.80. A move below will be needed to turn the technical picture more negative/bearish.
On the upside, drilling to the hourly chart, the pair moved above the 100 hour MA (blue line in the chart below), but has not been able to cross above the 200 hour MA yet. That MA (green line) comes in at $69.06. The high today reach $69.05 (just below that MA line).
Like the 100 day MA on the downside, a move above the 200 hour MA will be eyed for more of a bullish bias going forward.
For now though, support against the 100 day MA, and resistance against the 200 hour MA.
The battle is on.
