Up $1.24 or 1.75%
The price of WTI crude oil futures are settling at $72.12. That is the highest close since October 2018.
Looking at the hourly chart, the price remains between channel trendlines after testing the low trendline in trading today. That low trendline currently cuts across at $71.22. The topside channel trendline cuts across near $72.50. With the settling at $72.12, it is closer to the high extreme target. Getting above that level would open the door for further upside.
What would hurt the bullish bias is a move below the lower trendline. Ahead of that, keep an eye on the $71.76 level. That was the high price from yesterday. Today the price has traded above and below that level, but with the move higher into the close, traders should look to now stay above that level on the break higher.