BUp $2.89 or 5.38%
The price of crude oil settled at $56.65. That is higher by $2.89 or 5.3%. The downing for a US drone by Iran, sent the price higher on the increased tensions in the Middle East.
The high reached $57.02. The low fell to $54.11.
Technically, the pair has been able to correct above the 38.2% retracement at $56.71 (see daily chart below). A more important level technically is the 50% retracement and 100 day moving average at the $58.52 – $58.60 area.
The 200 day moving average is also in play as a key topside target at $59.16.
Moves toward those levels will test the buyers resilience.