WTI crude oil tested the 50% midpoint
The price of WTI crude futures are settling at $74.76. That's up $0.46 or 0.62%. The high price reached $75.28. The low price was at $74.03. That was the lowest level going back to March 31.
At the low, the price got within $0.09 of the 50% midpoint of the 2023 trading range. Yesterday the low price also skimmed against the level.
The midpoint is a key level for both buyers and sellers. The buyers want to see the selling slow and the price to move back above the low of the gap going back to March 31 at $75.70. Sellers want to see the selling continue and break below the midpoint of the years trading range, tipping the scales more to the downside.
