WTI crude oil futures settle at $77.49

The WTI crude oil futures are settling down $0.80 on the day at $77.49. The high price reached $79.87. The low price extended to $77.05.

Looking at the hourly chart, the contract moved above its 38.2% of the move down from the November high and into a swing area between $79.63 and $80.00. The $80 level target could not be broken and the pair rotated lower. The rising 100 hour MA and 200 hour MA are the next downside targets at $76.46 and $75.83.