The price of oil will stabilize at 71.78 dollars. That’s an increase of $1.16 or 1.64%. It hit a high of $72.01. The lowest price was $70.18.
For the trading week, the price is higher by $1.76 or 2.52%.
The low price for the week was reached on Monday at $66.82. The high price was today’s high at $70.01.
Looking at the hourly chart above, the price moved below the May 31 low of $67.03 but failed to sustain the momentum.
In yesterday’s trading, the price moved back above its 200 hourly moving average (green line currently at $70.30). There was a brief move below the 200 hourly moving average in today’s trading, but it quickly reversed and the price climbed higher into the settlement.