Crude oil closes the week with solid gains


WTI crude oil settles at $66.09

The price of WTI crude oil futures closed the week at $66.09.  That is up $2.26 for 3.54%. The high for the day reach $66.40. The low for the day reached $63.82.

WTI crude oil settles at $66.09

Looking at the daily charts, the high price extended above the high from January 2020 (on a continuous active contract chart) at $65.65, but stalled just ahead of the 2019 high price at $66.60.. Getting above the 2019 high is needed to solicit more buying. Having said that there is good reason for traders to lean against the level as risk can be defined and limited.

For the trading week, the price closed at $62.50 last Friday. The low for the week reach $59.43 on Tuesday, and was pushed sharply higher on Thursday after Saudi Arabia agreed to maintain their production cuts until the end of April. The momentum to the upside was continued today to the cycle high of $66.40. The gain for the week was 5.77%.



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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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