The price of WTI crude oil futures is settling near the high for the day at $77.07. That’s up $1.42 or 1.88%. The low for the day was at $75.69.
The closing level is just below the 200-day moving average at $77.18. Recall from last week the price tested that level and rotated back down toward the 100-day moving average currently at $73.68 on Monday and Tuesday of this week. The low price for the week reached $73.82.
For the trading week, the price rose 2.20%.
According to the latest Baker Hughes Weekly Rig Count, the number of oil rigs has fallen by 7 to 530, and the number of natural gas rigs has dipped by 2 to 131, making the total count decline to 666.
This article was written by Greg Michalowski at www.forexlive.com. Source