February 8, 2023

Crude oil futures settle at $76.08

The price of WTI crude oil futures settle at $76.08. That’s up $0.87 or 1.16%.

The high for the day reached $76.46. The low for the day was at $74.27.

Crude oil bounced off its 200 hour moving average

Looking at the hourly chart above, the low price today bounced off its 200 hour moving average (green line). The run higher took the price back above its 100 hour moving average at $76.16, but the price has since rotated modestly below that level.

Technically it would take a move back above the level to increase the bullish bias. The high price from last week (December 30) reached $77.44 before stepping lower over the last few days

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