WTI crude oil settles at $56.78

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Down -$0.84 or -1.46%

The price of WTI crude oil is settling after $56.78. That is down -$.84 or -1.46%.

 The high price today extended to $58.36. The low came in at $56.61. The contract is closing near the low for the day.

Technically the high price was able to extend above its 200 day moving average. Today that came in at $58.11 (green line in the chart below). However momentum could not be maintained, and the price rotated back to the downside. Moving away from both the 200 day moving average and the 100 day moving average (currently at $59.22). is more bearish technically.   It will take a moved back above both moving averages, to tilt the technical bias back to the upside.

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