WTI crude oil futures settle at $98.60

The price of WTI crude oil futures are settling at $98.60. That’s up $2.20 or 2.28%. The high price reached $101.87. The low price extended to $96.42. The price got a boost on the break of the $100 level, but could not sustain the momentum.

Looking at the hourly chart, the move back to the downside has moved back closer to the converging 200 and 100 hour moving averages. The 200 hour moving average comes in at $97.75. The 100 hour moving average comes in at $97.31. In the new trading week those moving averages will be barometers for the buyers and sellers. Last week the price closed near $95. The low price was reached on Wednesday at $94.30. The high price was reached at $101.87.

OPEC will meet next week with chatter of a modest increase in September.

Today Chevron Exxon both announced strong earnings.