Technical Analysis

WTI crude oil settle at $75.88

Up $0.85 or 1.13%

The price of WTI crude oil futures are settling the day at $75.88. That is up $0.85 or 1.33%. The high price for the day reached $75.99. The low price extended to $74.23.

A week ago the price closed at $73.98. The low for the week was reached on Thursday at $73.14. The high was on Tuesday at $76.67. That high was just short of the July 6 high at $76.98 (high for the year).

This week, the inventory data showed a surprise build of 4578K vs expectations of a drawdown of -1652K. There was also chatter about OPEC+ increasing production to account for the lack of supply.  The dip off those moves could not be sustained, and the price has rebounded back above the upper half of the trading ranges week. For the week the price is up $1.90 or 2.56%.

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