Crude oil futures settle at $72.19

The price of WTI crude futures are settling at $75.19. That is up $1.78 or 2.42%. The high price reached $75.46. The low-price extended to $72.56. Domestically in the US, North Dakota oil output is estimated to decrease by 250,000 – 300,000 barrels per day due to cold weather conditions.

The high-price today traded above the previous high for the new calendar year from January 12 at $75.24. However, buyers fell short of the next December high target at $75.66 and has rotated lower. Going forward if the price can get above the swing area between $75.24 and $75.66, and then the swing high from the end of December at $76.18, the doors would open for more upside momentum.

On the downside, it would take a move below its rising 100 and 200-hour moving averages near $72.90 to increase the bearish bias

This article was written by Greg Michalowski at Source