The price of WTI crude oil futures are settling at $100.60. That's up $6.31 or 6.69%
the high price reached $101.35. The low price extended to $94.84. Catalyst for the move included:
- Sources said that Russia's average oil output fell more than 6% to 10.32 million barrels per day from 11.01% in March.
- OPEC said that it would be impossible to replace 7 million barrels per day of Russian oil and other liquid exports as a result of sanctions or voluntary actions
- European Union has yet to agree on embargoes on Russian oil but some minister said that the option is on the table
Looking at the hourly chart below, the rise today took the price not only back above its 100 hour moving average but it's 200 hour moving average (green line). The last time the price traded above the 200 hour moving average was back on March 28.
Looking at the hourly chart below, the next major target comes against the 38.2% retracement of the move down from the high reached on March 24. That level comes in at $102.03 (call it $102.). On the downside, the 200 hour moving average at $99.31 will now be close risk for buyers. Stay above and the price can continue its upside corrective probing after the decline from $116.55 to the low from yesterday at $93.05.
