Technical Analysis

WTI crude oil futures settle at $63.36

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

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