US crude oil futures settle at $61.02

[Forex News]

US crude oil futures are settling the day at $61.02. That's $1.11 or 1.85%.

For the trading day. The high was at $61.42. The low was at $59.92. The price moved up $3.07 or 4.46% for the trading week but it wasn't until after reaching a low of $55.39 which was just above the low price for the year $55.15 from the week of April 7, and the lowest price going back to February 2021.

Looking at the hourly chart, the price rebound has extended up toward the 38.2% retracement of the range since the April high (high price reached $72.22). The 38.2% retracement comes in at $61.63. Getting above that level is needed to increase the bullish bias from a technical perspective.

On the downside, the 100 and 200-hour moving averages are near each other above and below the $59 level. The 100-hour moving average is starting to move to the upside.

This article was written by Greg Michalowski at www.forexlive.com.

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