Up $1.81 or 2.72% on the day
WTI crude oil futures are settling higher at $68.29. That is up $1.81 or 2.72%.
Looking at the daily chart, the low price yesterday fell below its 100 hour moving average (blue line) but could not break below the July19 low at $65.11. The low price yesterday reached $65.17 and bounced higher.
The contract did close below its 100 day moving average, but in trading today, the price moved back above that key bias barometer and is closing above the level (the moving averages currently at $67.31). As long as the price remains above the 100 day moving average, the dip buyers can lean against the level, and hope for additional price action higher.