<p>The price of WTI <a target=“_blank“ href=“https://www.forexlive.com/terms/c/crude-oil/“ class=“terms__main-term“ id=“e1f1b115-23d2-48c8-98c8-24024dada457″ target=“_blank“>crude oil</a> <a target=“_blank“ href=“https://www.forexlive.com/terms/f/futures/“ class=“terms__secondary-term“ id=“2037a59d-f6cf-44c1-a57d-162e04589957″ target=“_blank“>futures</a> are selling at $79.72. That’s up $1.66 or 2.13%</p><p>The high price reached $80.33. That was the highest level since January 30. The low price was at $77.47. For the week, crude oil is up $6.94 or 8.49%. Ever since the biggest one we gained going back to early October.</p><p>Looking at the daily chart, the price is getting closer to its 100 day moving average at $81.08. The price has not closed above its 100 day moving average since early November. A move above the 100 day MA would next target a swing area between $82.48 and $83.34. </p><p>Today Russia cut oil output in response to Western sanctions. They plan to lower production by about 5%. This is a rare move outside of the OPEC alliance.</p><p>The end of year level came in at $80.26. With the sell price at $79.72. It is within $0.54 of the end of your level.</p>

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