Crude oil futures is settling $70.37

The price of crude oil futures are settling down -$0.63 or -0.89% at $70.37.

The low price for the day reached $69.52 while the high price was at $71.78. At session lows, the price is at its rising 200-hour moving average (green line on the chart below). The price rebound moved up to test its 100-hour moving average at $70.39.

Going forward, getting above the 100-hour moving average (blue line) or below the 200 hour moving average would tilt the bias in the direction of the break.

The move lower comes despite increasing tension in the Middle East.

This article was written by Greg Michalowski at www.forexlive.com.