June 7, 2023

US crude oil futures settle at $76.99

Crude oil

Crude oil futures remain above its 100 and 200 hour MAs

The price of WTI crude oil futures are settling at $76.99. That is up $0.91 or 1.2%

Looking at the hourly chart, the high for the day at $77.64 took the price above the high from last week at $77.44, but the price has since rotated back below that level and the last hourly bar used that level as a resistance level.

The inability to extend higher is a bit of a concern but the price still remains above its 100 hour moving average (blue line) at $76.26.

Recall from yesterday, the price spent most the time below the 100 hour moving average, but on the dip to the lows found support against its 200 hour moving average (green line in the chart above). It would take a move back below the 100 hour moving average and then 200 hour moving average to give the sellers more confidence. Until then, the buyers are more in control.

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