Crude oil futures settle at $78.38

Crude all futures are settling at $78.38. That is down $-0.10 or -0.13%.

The high price today reached $79.13. The low price was at $78.58.

At the session low,, the price briefly moved below the 50% midpoint of the move up from the December low to the April 2024 high at $77.67. The bounce back higher was able to get back above its 100-day moving average at $78.15. Staying above both the 50% midpoint in the 100 day moving average would give the buyers more of an advantage at least in the short term.

On the top side, it would take a move back above its 200-day moving average at $80.07 (and staying above) to increase the bullish bias from a technical perspective.

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