Crude oil futures settled at $68.33, up $0.40 on the day. The move higher marked a significant technical development as prices briefly rose above the 200-day moving average for the first time since June 23. That key level sits at $68.37, just above the settlement price. Today’s high reached $68.87 before easing back into the close.
A sustained move above the 200-day moving average would signal a more bullish shift in sentiment. On the downside, yesterday’s low found support well ahead of the 100-day moving average, which currently sits at $65.31—another positive sign for buyers.
The upside price action comes despite larger-than-expected OPEC+ production increases announced over the weekend, suggesting that market participants may be focusing more on demand recovery or geopolitical risks than on near-term supply growth. Overall, the technicals lean in favor of the bulls, especially if price can reclaim and hold above the 200-day MA.
Move below the 100 day moving average and the storyline changes
This article was written by Greg Michalowski at www.forexlive.com.