The price of WTI crude oil futures are settling at $89.88 . That is up $0.22 or 0.25%. The high price reached $91.74. The low price came in at $89.03.
The price action today reacted to the CPI initially to the downside, and then followed the other markets move back the "other way" as stocks rebounded, yield rise stalled and dipped lower, and the dollar moved lower.
However, after Bullard chimed in with his view that
- 100 BP by July,
- 50 in March, and
- That he would not be opposed to acting between meetings (and QT as well),
the markets reversed (stocks lower, dollar higher, yields back up) and so did the price of oil (to the downside).
Technically, the high price today on the squeeze higher stalled near the recent swing highs on the hourly at $91.68. Sellers leaned against resistance
The move to the downside after the CPI did move below the 200 hour MA (it held that MA earlier in the day). The more recent move lower stalled right near the MA at $89.52 (the low just reached $89.46) and ticked up into the settlement.
Going forward move below the 200 hour moving average and stay below that level should lead to more downside probing. Absent that, and the 100 hour moving average back at $90.55 would be the next target(blue line in the chart above
