The price of WTI oil settles at $79.63. That’s an increase of $0.89 or 1.13%. The high price today reached $79.90. The lowest price was $78.29.
Recall from yesterday, the price broke above its 200-day moving average for the first time since August 2022. This 200-day moving average is currently at $77.11. It would take a return below that level for the bias to tilt back to the downside.
On the upside, another target is natural resistance at $80.00. After that, traders will be looking at the swing area between $82.48 and $83.44.
Click on the video below to view the technical parameters that drive price action for the crude oil contract.