WTI crude oil settles at $80.42 | Forexlive

The OPEC production cut over the weekend sent crude oil prices sharply to the upside. The crude oil futures are settling at $80.42 that’s up $4.75 or 6.28%. The high price for the day reached $81.69. The low price was at $79.00.

Looking at the daily chart above, the price gapped above both the 100 day moving average and the downward sloping trendline connecting recent highs. The price also moved above the March 7 high of $80.94 but fell short of the 61.8% retracement of the move down from the October 2023 high at $82.52, and just ahead of that January 2023 high of $82.66.

A move above the $82 and 66 level would open the door for further upside momentum. In contrast, moving below $79 and ultimately below the 100 day moving average is $77.23, would frustrate buyers and should lead to further downside probing.

Since bottoming on March 20, the price is been up on eight of 11 trading days. The price has moved from a low of $64.36 to a high today of $81.69. That’s a huge move of $17.33 or 26.92% in 11 trading days.