Crude oil settles between 100 and 200 hour moving averages
The price of WTI crude oil is settling at $104.58, up $2.06 or 2.01%.
The low for the day reached $101.54. The high reached $105.21.
A week ago, the price closed the week at $108.48. The low this week reached $95.13 on Wednesday. The high reached $111.42 on Tuesday.
Looking at the hourly chart, the price is settling between the 100 hour MA below at $102.90, and the 200 hour MA above at $106.12. Next week, traders will be looking for a break in either direction to provide the technical directional bias.
The weekly oil inventory data released on Thursday showed a much larger than expected build in inventories of .
Key event next week, Biden heads to Saudi Arabia.
