The price of WTI crude oil futures are settling down $-1.52 or -2.10% at $70.86. The price settled yesterday at $72.38. The high price today reached $72.25 while the low price extended to $69.95. A week ago the price closed at $71.94. The gain the week was $0.44
Looking at the hourly chart, the price is closing below its 200 and 100 hour moving averages after moving above those moving averages on Wednesday and holding the level on a test during yesterday's trade. The price today moved back below those moving averages and is staying below them tilting the bias in the favor of the sellers once again.
The low for the week reached $69.37 on Wednesday. The high for the week was on Monday and Thursday near $72.97.
Overall, the price action this week was down, up and back down again with the price settling below the middle of the trading range and the moving averages. Those dynamics tilt the bias more in the direction of the downside as the week comes to a close, but buyers and sellers are still battling it out and would need a move below $69.37 or above $72.97 to determine the next major winner.
