The price of WTI crude oil futures are settling at $73.71. That's up $0.55 or 0.75%.
The price of oil rebounded from lows of $71.34 on a report that Russia had nearly met its production quota cutbacks in April. That helped to turn sellers back into buyers. Also helping were reports the Biden administration's plans to start refilling the Strategic Petroleum Reserve (SPR) after maintenance.
Downside influences in the European and early US session were Chinese import data which was much weaker than expectations, and US economic concerns.
Technically, the price will back above its 200 hour moving average and also extended above the 50% midpoint of the move down from the April high to the May low. That level comes in a $73.59. The high price reached $73.77.
Brent crude oil is settling at $77.44 up $0.43 or 0.56%
