WTI crude oil futures settle at $79.74 | Forexlive

The price of WTI crude oil futures are settling the day back below the $80 level at $79.74. That’s down $0.96 or -1.19%. The low price reached $79.61. The high price was about $81.22.

Looking at the hourly chart above, since gapping higher after the OPEC+ announced the surprise production cuts, the price has been trading between $79 on the downside and $81.81 on the top side.

The sideways price action has allowed the 100 hour moving average (blue line on the chart above) to catch up to the price. Today the price traded above and below the moving average level, but is making a run toward the downside over the last few hours, and closing below the moving average level and nearer session lows.

It will take a move below the $79 level to increase the bearish bias. Traders will next target the rising 200 hour moving average currently at $77.58 (green line in the chart above)