WTI crude oil futures settle at $75.16

Products You May Like

Down seven cents or -0.09%

The price of WTI crude oil futures are settling at $75.16. That’s down seven cents or -0.09%.

The high price reached $75.62. The low price extended to $74.41

Looking at the hourly chart below, the price has been fluctuating up and down trading today as the OPEC+ meetings continue without a solution. The low price did stall against the high from earlier this week at $74.42 (see red numbered circle one). Also near that low is the 38.2% retracement and swing high and swing low from yesterday’s trade near $74.58 (the red numbered circles two and three) .

That area between $74.42 and $74.58 is support going forward. A move below would have traders looking toward the 50% retracement at $74.08 and then the rising 100 hour moving average at $73.87.

Much depends on OPEC+. Right now the members are in a stall (and in a meeting). If there is no agreement and no increase in production, that would be more bullish. Come to an agreement, and we should see a cracked below the aforementioned support levels. That is the expectations at least.
Invest in yourself. See our forex education hub.

This article was originally published by Forexlive.com. Read the original article here.