Up $3.02 or 11.93% for the day
The US crude oil futures are settling the day at $28.34. That is a gain of $3.02 or 11.93% for the day. The double-digit gain comes after a new 25% gain yesterday which was the largest percentage increase ever. Of course the low prices and volatility from OPEC+ is a catalyst for the increased volatility.
For the week, the price again to 31.8%. That represented the biggest weekly percentage gain in contracts history.
All that is well and good, especially for those who had the courage to jump in near the $20 hour level earlier this week. However, the price still remains will below the gap March 6 to March 11 (between $36.35 and $41.05). The price is also still $4 away from the 38.2% retracement of the last trend move down from the February 20 high. That level comes in at $32.73.
The good news of course is that the price did dipped below the $20 level in each of the last 2 weeks, but momentum selling could not be sustained, and the price rebounded higher.
