WTI crude oil futures settle at $63.36

Technical Analysis

Down to $2.13 or -3.25% on the day

The price of WTI crude oil futures are selling at $63.36. That is down $-2.13 or -3.25%. The high price reached $65.35. The low price was at $61.95.

The Vienna nuclear talks with Iran are ongoing and traders are hoping for an agreement. If so, there could be a surge in global oil supply. 

Looking at the hourly chart, the tumble lower to the price for a brief moment below the 50% retracement of the move up from the April 5th low at $62.30. The subsequent rally took the price back above the lows from last week at $63.09. The current price is trading just above that level at $63.21 after the settlement. A move below $63.09 should increase the bearish bias

Articles You May Like

GitLab shares soar as developer tools company posts first adjusted operating profit
Canadian Dollar Rises on Jobs Data, Dollar Soft, Euro Worse
OPEC+ set to strengthen oil output cuts in Q1 2024: Russia’s deputy PM
Gold Rate Today: Yellow metal slips further on gains in greenback. What should investors do?
Cathie Wood’s ARK dumps 237K Coinbase shares at $140 per stock