US crude oil futures settle the day/week at $53.99

Technical Analysis

Up $1.40 or 2.66% on the day

The US crude oil futures are settling the day at $53.99. That is up $1.40 on the day or 2.66%. 

Last Friday, the contract settled at around $53.50. So for the week, the price is up $0.49.  

The low for the week reached to $51.68 on Wednesday on the back of much higher inventories. The last two days have seen a recovery helped by comments from Saudi Arabia and Russia that OPEC was in favor of extending supply output cuts.

Technically, the price is approaching the 50% midpoint of the move up from the December low. That level was broken last Friday, tested on Monday before moving lower.  A move above in the new week would likely tilt the bias a little more to the upside. 


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