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WTI crude oil futures are at $ 69.95.  Gains over $ 72 could not be sustained


Daily low hit $ 68.16

The price of the WTI crude oil futures contracts is $ 69.95. It comes after the pair climbed to $ 72.09 in New York’s first session. Today’s low price hit $ 68.16 (in current time bar).

Despite the lower return, price closed above Friday’s close of $ 1.80 or 2.64%. However, at the high, price rose almost 7% from the close at $ 68.16. So, although higher, there is disappointment that it is not possible to expand higher.

Looking more broadly at the daily chart below, the settlement price was just below the 200-day moving average currently at $ 69.98 (it is now trading lower after business hours). Closing below the moving average for the second day in a row keeps sellers more in control.

WTI crude oil futures are at $ 69.95.  Gains over $ 72 could not be sustained
Later this week, OPEC will meet, which will have a major influence on price and bias going forward. Traders will focus on key daily MAs for bias indices. Right now the bias is more on the downside with a price below the 100 and 200 day MAs.
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