Trump: They (US) will fill the SPR when the price is right

Forex Short News

Pres. Trump is saying that they will fill up the Strategic Petroleum Reserves (SPR) when the price is right.

The price of crude oil is up $0.56 or 0.86% at $65.67. The price remains within a range between $64 on the downside and $66.33 on the upside (see the chart below). In between, sits the 100-hour moving average which currently comes at $65.24.

The price in crude oil has been finding support buyers against that 100-hour moving average in trading today, giving the buyers a short-term bias advantage. Moving below would shift the bias back to the downside.

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