The WTI crude oil futures settled at $69.39, showing a slight increase of $0.23 or 0.33%. This price is technically closing above its 200-hour moving average, which is a positive sign for the buyers. In addition, the last corrective low remained above its rising 100-hour moving average, indicating a bullish trend.
It’s worth noting that the low price on Monday was within a swing area between $66.31 and $66.91. This shows that buyers are attempting to regain control after a period of decline in trading last week. By staying above the moving averages, the buyers will likely continue to have the upper hand in the market.
In the current market environment, there are several factors that could impact the price of crude oil futures. One key factor to watch is the ongoing tensions in the Middle East, which could lead to supply disruptions and affect the price of oil. Additionally, any developments in the global economy, such as changes in demand for oil, could also influence the price of crude oil futures.
Investors and traders in the oil market will be closely monitoring these factors in the coming days to assess the direction of crude oil prices. It’s important to stay informed about the latest updates and analysis in order to make well-informed decisions when trading crude oil futures.
Overall, the settlement of crude oil futures at $69.39 reflects a positive trend for buyers, as the price remains above key moving averages. However, it’s essential to keep an eye on various factors that could impact the market in order to navigate potential risks and opportunities effectively.
