Rises by 1.18% today
The price of crude oil is settling the day at $73.80. That is up $0.86 on the day or up 1.18%.
The high today reached $73.93.
The low extended to $72.14.
The futures close last Friday at $74.15. So for the week, the price was lower by $0.35.
The high for the week extended to $75.27 on Tuesday. The low was reached today at $72.14.
Technically, the high price stalled near a topside trend line and found sellers. That topside trend line comes in at $75.27 (and moving higher). That will be eyed as resistance in the new week.
The lows this week, were able to move below the earlier 2018 swing high from May at $72.83, but momentum could not be sustained. A move below that level with more momentum will be needed to extend the corrective move toward the 38.2% and 50% of the last move higher at $70.81 and $69.43 respectively. Those levels are the minimum to get below if the sellers are to take more control from the buyers.
The move higher was stalled fundamentally, but a surprise build in crude oil inventories yesterday. Pres. Trump is trying to jawbone OPEC (Saudi's and potentially Russia too) to increase supply to make up for Iran and Venezuela. He wants the Saudi's to increase production by 2M barrels. This week Saudi reported higher production in June 10.6M BPD, but it was only up about 500K from May and had a modest impact on overally supply for the month.
