US crude oil futures settle at $53.25

Up $0.30 or 0.57%

The US crude oil futures are settling at $53.25. That is up $0.30 or 0.57%.

OPEC will meet on Thursday. There has been a lot of chatter about production cuts but Saudi Arabia has also warned to not be so fast in assuming there will be cuts.

The high today reached $54.55. The low extended to $52.67.

Looking at the hourly chart below, the price of crude oil moved above the 100 and 200 hour MAs yesterday (blue and green lines). Today, the price remains above those MA lines at $51.99 and $52.15. That area is the BULLISH above, and BEARISH below line (area) in the sand. Right now the price is above those MA lines. So the buyers are trying to make a play and take back more control.