WTI crude futures settle at $75.59 | Forexlive

The price of WTI crude oil futures are settling at $75.39. That’s up $2.32 or 3.03%. The high price reached $76.34. Low price extended to $73.23.

Looking at the hourly chart, the price moved above its 100 hour moving average yesterday, and stayed above it in training today (see blue line in the chart below). The high price was able to extend above the swing highs from December 7 and December 8 near the $75.41 level and then get above it 200 hour moving average currently at $75.77. However, momentum faded. The price has been waffling above and below that moving average over the last few hours.

The 200 hour MA will be a short term barometer going forward. Move above the next target is the 50% of the move down from the December high. That level comes in at $76.64. On the downside, the 38.2% retracement of the same move lower comes in at $75.08. Move below could see a further downside push.

Fundamentally, the lower dollar helped to give the price a boost today. However, the retracement of the US dollar over the last few hours has also started to lead to the retracement and the price of crude oil.

Tomorrow the Federal Reserve interest rate decision will add another wrinkle to the price action.