WTI crude oil settles at $58.68, up 0.6%


WTI crude oil futures for March delivery settle up $0.32 or 0.55%

The price of WTI crude oil futures are settling the day up $0.32 or 0.55% and $58.68. 

The high price for the day reached $58.91. The low price extended to $58.08. 

The Department of Energy crude oil inventories showed a sharp unexpected decline of 6.64M barrels vs. expectations of -800K.  

CLH

Looking at the hourly chart the price has moved more sideways over the last few days and broke below a channel trendline. However the downside yesterday stalled against lows from Monday at $57.32. The price moved higher.

The higher – to sideways market – has allowed for the 100 hour moving average to catch up with the price (blue line in the chart above). That moving average currently comes in at $57.59.

Until the price can move below the 100 hour moving average, the buyers still remain in control. That is the minimum. Getting below the $57.32 level is another close target that would give sellers more confidence.



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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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