The price of crude oil is settling at $71.78. That is up $1.16 or 1.64%. The high reached $72.01. The low price was at $70.18.

For the trading week, the price is up $1.76 or 2.52%.

The low price for the week was reached on Monday at $66.82. The high price was today’s high at $70.01.

Looking at the hourly chart above, the price moved below the low price from May 31 at $67.03, but could not sustain momentum.

In trading yesterday, the price moved back above its 200-hour moving average (green line currently at $70.30). In trading today there was a brief move below the 200-hour moving average but it was quickly reversed and the price stepped higher into the settlement.

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