Crude oil settles down $0.78 or -1.18%
The price of WTI crude oil futures are selling at $65.49. That’s down $0.78 or -1.18%.
The high price for the day reached $67.01. The low price extended to $64.11. The low was quickly reached after a report from the BBC, that a Soviet envoy said that talks on nuclear reduction in Iran had made “major progress”. A solution leads to Iranian oil in the market and lower prices.
The news was refuted by the Soviets shortly thereafter and the price bounced back higher.
Looking at the hourly chart, the price move below and then back above its 200 and 100 hour moving averages at $65.16 and $65.29 respectively during the down and up volatility (green and blue lines in the chart below). Going forward stay above those moving averages is more bullish in the short/intermediate-term. Move below and the bias tilt move back in the direction of the sellers.