Crude oil futures settle at their highest level since November 6

Crude oil futures are settling at $81.26. That is up $1.54 or 1.93%. The settlement price is the highest since November 6, 2023.

Looking at the daily chart, the price extended above the 2024 high at $80.67 (from March 6), and also through the 50% midpoint of the move down from the September hide to the December low before rotating modestly lower. That midpoint level came in at $81.37. Getting back above that level would be required to increase the bullish bias technically going forward.

The price of crude oil is up 13.36% in 2024. However, it is still well below the 2024 high price of $95.03.

The IEA’s monthly report, raised its 2024 oil demand growth forecast by 110k BPD to 103.4 million BPD and helped contribute to the momentum.

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