Crude oil futures settle at $71.47

Crude oil futures are settling at $71.47. That is up $1.98 or 2.85%. Helping to support the price today is:

• Supply Concerns: OPEC delayed its planned oil output increase for December by a month, tightening supply expectations.
• Geopolitical Tensions: Rising tensions between Iran and Israel fueled market concerns, with reports suggesting both sides are preparing for potential escalation.
• Dollar Weakness: A weaker U.S. dollar supported oil prices, influenced by U.S. election uncertainties and a surprising poll showing Harris as the frontrunner.

Technically, the price has moved up into a swing area between $71.51 and $72.43. It will take a move above that area to increase the bullish bias going forward.

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