The price of WTI crude futures is settling at $85.54, up $2.33 or 2.80%. That is above the August high of $84.85 tilting a bias more to the upside.
Looking at the daily chart, the low prices this week stalled the fall near the low of a swing area between 0.8235 and 0.8332 (See red numbers circled in yellow area). Staying above those levels gave the buyers some hope.
Fundamentals remain a driving force. On declines, the markets are worried about slower global economic growth and a de-escalation of Middle East anxiety. On most of the upside, the opposite is true. Today, more concerned about the re-escalation of the battle in Israel has helped to push the price higher going into the weekend.
For the trading week, the price is trading down $-3.30 or -3.7%. The decline snapped a 2-week rise which saw prices increase 5.97% and 0.68%.
The price is also well below its September 28 high that reached $94.99. For the trading month of October, the price is down -6.31%.
This article was written by Greg Michalowski at www.forexlive.com. Source