Crude oil settles at $77.82

The price of WTI crude oil futures is settling up $1.04 or 1.35% at $77.82. The high for the day reached $78.11. The low extended to $75.88.

Lower growth in Europe pressured the price early in the session. US production is also a negative for the price. However, momentum could not he sustained, the recover higher was restarted.

Technically, the move to the downside took the price below its 200-day moving average at $77.74, but has since been able to recover to the MA and settled just above that MA line at the close. Going forward, that MA will be a barometer for the buyers and sellers. Staying above is more bullish. Move below is more bearish.

This article was written by Greg Michalowski at Source