Crude oil futures settle at $72.70 | Forexlive

The price of crude oil futures are settling at $72.70. That’s up $2.32 or +3.30%.The price high reached $72.90, while the low extended to $69.28.

In an earlier post, the price rise today did take the price of crude oil above the 100-hour moving average at $72.38, but fell short of the 200-hour moving average is $73.36. Those two moving averages will be barometers for more bullish or more bearish.

A move back below the 100 hour moving average and 50% midpoint of the range since the December 13 low at $71.94 would tilt the bias more to the downside. Conversely, a move above the 200-hour moving average had $73.36, would increase the bullish bias.

Crude oil trade between its 100/200-hour MAs

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