The price of crude oil futures are settling at $63.52 that's up $0.81 or 1.29%. The high price for the day reached $63.67. The low price was at $62.52.
Looking at the hourly chart, the low price tested the falling 100 hour moving average, and found willing buyers. That gave the buyers the go-ahead to push to the upside. The earlier high for the day near $61.48. Getting and staying above the moving averages tilted the short-term bias to the upside. Traders looking for more upside could now use the moving averages as a risk defining level – especially since the 100 hour moving average did hold on the move lower today.
Fundamentally,
Global PMIs beat: US Manufacturing 53.3 (3-yr high) and Eurozone 50.5 top forecasts
Geopolitics/sanctions: Little sign of a near-term Russia-Ukraine resolution
Inventory tightness: EIA showed stronger-than-expected drawdown in the current week
Constrained US supply growth: Rigs flat at 411 (near multi-year low) and output still below record. The weekly Baker Hughes data will be released tomorrow
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about crude oil settled at 63 52 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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