The price of crude futures settled up $0.36 at $82.52. The high price reached $83.12. The low price reached $81.76.

The price this week moved up $1.82 or 2.24%

The high price this week reached $83.53 reached on Wednesday. That happens to be the falling 200 day moving average currently. Staying below that moving average kept the sellers in play. Next week that level will be a key barometer for both buyers and sellers. If broken – and stay broken – it could be a prelude to a run toward the 38.2% retracement near the $90 level.

Conversely stay below and a rotation back toward the post OPEC+ gap low which came in at $79.

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