WTI crude oil futures settle at $69.95. Gains above $72 could not be sustained
The low for the day reached $68.16
The price of WTI crude oil futures Ms. settling at $69.95. That comes after the pair rallied up to $72.09 in the early New York session. The low price for the day reached $68.16 (in the current hourly bar current).
Despite the move back to the downside, the price did close above the Friday close by $1.80 or 2.64%. However at the high, the price was up nearly 7% from the close at $68.16. So although higher, there is disappointment in the failure to extend higher.
Taking a broader look at the daily chart below, the settled price was right below the 200 day moving average currently at $69.98 (it is trading lower now in after hours trading). Closing below the moving average for the second consecutive day keeps the sellers more in control.