US crude futures settle at $80.63

Crude oil futures are settling at $80.63. That is down $0.44 or -0.54%.

The low for the day reached $80.42. The high was up at $81.45. For the trading week, the price is down -0.51% on a decline of $0.41. At session highs this week, the price was up $2.08. At session lows, the price was down $0.74.

Looking at the weekly chart below, the high price this week at $83.12 briefly moved above its 100-week moving average at $83.27 before rotating back to the downside. Buyers had a shot. They missed.

The low for the week was reached yesterday at $80.30.

The price is back below its 50% midpoint of the 2023 trading range at $81.37. Getting back above that midpoint level is needed – along with a break of the 100-week moving average -to increase the bullish bias on the weekly chart.

This article was written by Greg Michalowski at Source