The price of WTI crude oil futures settled above $80 at $80.18 the price last close above that level on December 30.
The price has seen additional momentum after the settlement and is currently trading at $80.86. The earlier high for the day reached $81.23 before rotating back down to a afternoon low of $79.25 in volatile trading.
Looking at the daily chart, the high price for the year came in on January 3 at $81.50. Move above that level and the following 100 day moving average at $82.85 would be targeted. The December high (from December 1 reached $83.34)
The price of crude oil as close higher for eight consecutive days. From the most recent low on January 5, the price has moved up $8.50 for 11.76%
This article was originally published by Forexlive.com. Read the original article here.