The price of WTI crude oil is settling at $78.20. That is up $0.96 or 1.24% on the day.
The high for the day reached $79.61. The low at $76.31.
The market was influenced by China who showed some signs of an easing of the 0-Covid policy, The OPEC+ meeting which is to be virtual is also a concern. Meeting virtually is a clue that nothing big is coming as far as production changes.
Technically, the contract today traded mostly between the 200 hour MA above and the 100 hour MA below at $79.16 and $77.39 respectively. Although the price traded above the 200 MA and below the 100 MA, momentum died on the breaks and reversed in the opposite direction.
Traders will be looking for a break with more run and momentum going forward (whichever direction that might be).
