WTI crude oil futures settle at $70.88
The price of WTI crude oil futures are settling at $70.88. That’s down three cents or -0.04%.
The high price reached $71.78. The low price extended to $70.65.
Looking at the hourly chart, the move back down nearly retraced all the gains from the Asian session low. A swing level at $70.62 and the 38.2% retracement of the move up from last Thursday’s low at $70.58 are the next downside targets. Below that, getting to and through the 100 hour moving average (buyers leaned against that moving average on Fridays low), would be needed to solicit more selling momentum, and tilt the bias more to the downside in the short term.
Last Thursday, the price tumbled quickly on headline news about potential Iran sanction removal, but after some refuting by the US State Department, the price quickly rebounded. That moving average would also need to be broken to increase the bearish bias. .