Up $.62 or 1.21% on the day
The US crude oil futures are settling the day at $51.68 this is up 0.62 cents or 1.21%.
The high for the day extended to $51.73 while the low reached $50.18.
The low for the week reach $44.82 on Tuesday. The high was reached in trading yesterday at $51.80. Last Friday the contract closed at $46.06.
The catalyst for the move to the upside was a surprise production cut by OPEC (and non-OPEC members like Russia). Technically, the price moved back above the 100 and 200 day moving averages at $47.33 and $47.75. Staying above is more bullish for traders. The next upside targets include the October highs at $52.74 and $52.68. The June high reached $53.72 (January contract).
