Up $0.87 or 1.12%
The price of WTI crude oil futures rebounded in trading today. The futures are settling at $78.20. That's up $0.87 or 1.12% on the day.
The low price today reached $74.96, down -3.18%. The high price extended to $78.59.
The price moved up after the US said it was not looking to tap the strategic petroleum reserves to alleviate some of the supply concerns.
Looking at the hourly chart, the price earlier today fell below its 100 and 200 hour moving averages. That break saw the price and took the price down over -6.00% from its recent high at $79.78.
However the bounce back to the upside, took the pair back above its 200 hour moving average (green line) and 100 hour moving average (blue line) currently at $77.33.
Stay above those moving averages tilt the bias more to the upside now.
