Crude oil futures settle at $104.79

Technical Analysis

The price of WTI crude oil is settling at $104.58, up $2.06 or 2.01%.

The low for the day reached $101.54. The high reached $105.21.

A week ago, the price closed the week at $108.48. The low this week reached $95.13 on Wednesday. The high reached $111.42 on Tuesday.

Looking at the hourly chart, the price is settling between the 100 hour MA below at $102.90, and the 200 hour MA above at $106.12. Next week, traders will be looking for a break in either direction to provide the technical directional bias.

The weekly oil inventory data released on Thursday showed a much larger than expected build in inventories of .

Key event next week, Biden heads to Saudi Arabia.

Articles You May Like

US Dollar eases five-day winning streak on profit-taking
USD/JPY: PM vote risk – OCBC
Australian October business confidence 5 vs. prior -2
​Breakout Stocks: How to trade CDSL, Indian Hotels and Page Industries on Monday?​
Market Trading Guide: HAL among 2 stock recommendations for Tuesday