US WTI crude oil futures settle at $54.50

Technical Analysis

Up $1.96 or 3.73%

The price of US WTI crude oil futures are settling the day – and for the week – at $54.50.

For the day the prices up $1.96 or 3.73%.. The high today reached $54.92. The low reached $52.37.

Last week the price closed at $55.66.  The high this week, was on Monday at $55.61. The low reached $50.52 on Wednesday on the back of tumbling stocks, and bond yields on fear of slower global growth.   The price started to rebound on the back of comments from Saudi Arabia that they would do all they can to prop the price of oil higher.  

Even so, the price is ending the week down $1.66 or -2.9%.

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