WTI Crude of all specifications is priced at $70.04 daily and weekly. The price decreased by -$0.83 or -1.17%. The low price reached $69.93. The high price reached $71.78.
Crude oil was down $1.28 or -1.79% for the trading week. This is the 4th week in a row. From the weekly high of April 10th to today’s settlement, the price is down about -16.25% (weekly high of April 10th reached $83.53).
The price is down about -12.87% during the trading year (year-end level was $80.26).
Looking at the hourly chart, this week’s high was on Wednesday at $73.89. On Thursday, the price fell below the 100 and 200 hourly moving averages. In today’s trading, the corrective high briefly crossed the 200 hourly moving average, but quickly reversed. The low tested a 38.2% rally from the May 3 all-time low. This level was around $70.
Staying below the 200 hourly moving average gives sellers more control. A break below the 38.2% retracement opens the door for a run to the 50% midpoint at $68.77.
Crude oil remained below its 200-hour moving average
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