That is down $ 0.68 or -1.62%
the price of WTI crude oil futures are settling at $ 41.27. That’s down $ 0.73 or -1.74% on the day.
The high price today reached $ 42.22. The low price extended to $ 41.06.
The last 6 weeks has seen the crude oil price settle between $ 40.27 and $ 41.29.
Week ending Fri 3 July: $ 40.65
Week ending Fri 10 July: $ 40.55
Week ending Fri 17 July: $ 40.59
Week ending Fri 24 July: $ 41.29
Week ending Fri 31 July: $ 40.27
Week ending Friday 7 August: $ 41.27
The hope on Wednesday was that the price of crude oil was breaking out to the upside. The high price extended to $ 43.52. That was the highest level since March 6. The high price also got closer to its 200 day moving average (green line in the chart below at $ 43.81) and moved away from its 50% retracement of the 2020 range for the September contract at $ 41.71.
However sellers pushed the price back below that 50% retracement level, and we are settling today back below it.
In trading next week the story remains the same
- Get and stay above the 50% retracement and
- The 200 day moving average,
and the buyers/bulls will be in more control. Stay below the 50% retracement and the 50 day moving average at $ 39.89 would be the next downside target.