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

Articles You May Like

ICYMI – International Energy Agency raised its oil demand growth forecast for this year
Decentralized apps on Polygon hit 37,000, rocketing 400% this year
Coinbase shares drop on billion-dollar loss in second quarter and revenue miss
The JPY is the strongest and the NZD is the weakest as the NA session begins
ForexLive European FX news wrap: Dollar firms on more pensive mood in markets

Leave a Reply

Your email address will not be published.