WTI Crude oil futures settle at $78.23

The price of WTI crude oil futures are settling at $78.23. That’s down $0.67 or -0.05%

The high for the day reached the $79.43. The low for the day extended to $77.86.

Looking at the hourly chart, the price over the last five or six hours has been trading above and below its 100 hour moving average at $78.39. The current price is trading below that moving average level. If the price can stay below, the rising 200 hour moving average currently comes in at $77.27. That would be the next target to get to and through.

Recall from last week, price low on January 3 dip below the 200 hour moving average level but only by a few cents before bouncing higher higher. Prior to that the price had not traded below the 200 hour moving average since December 21.