Crude oil futures settle at $81.07

The price of crude oil futures are closing at $81.07, down $0.20 or -0.25%. The high for the day reached $81.92. The low for the day was at $80.30.

News out of Israel was that Israeli forces will look to control Rafah despite opposition from Washington.

Looking at the hourly chart, the low price tested its 200-hour moving average at $80.30, and found support buyers (see green line on the chart below).

The price currently trades near the middle of the range between the 100-hour moving average above at $81.63, and it 200-hour moving average below at $80.36.

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