Crude oil futures are settling at $71.43. That’s down -$0.15 or -0.21%.

For the trading week, the price is little change at +0.25%. The low for the week reached $67.71. The high for the week was up at $72.56.

Looking at the weekly chart below, the price traded this week above and below the 200-week moving average at $70.43 (green line in the chart below). However, momentum could not be maintained, and the price rotated back above the moving average level for the second week in a row. Of note is that the low prices did stay above the May and June lows which bottomed near $67.

This article was written by Greg Michalowski at www.forexlive.com.