Crude oil futures settles at $69.83

Crude oil futures are settling at $69.83. That’s up $1.66 or 2.44%. The high price extended to $71.91. The low price that $66.36.

Iran launched missiles at Israel, raising fears of a wider Middle East conflict. Israel intercepted most of the missiles, easing immediate concerns.

Meanwhile, Israel intensified airstrikes on Hezbollah, killing its leader, and sent ground forces into southern Lebanon.

Oil market reaction depends on further developments. Libya is preparing to restart oil production after recent disruptions. What will be Israel’s response and will it escalate a further Iranian response

Also of concern will be the threat of terrorist acts may also intensify.

Technically, the price of crude oil extended above its 100 and 200-hour moving averages on its way to the high for the day, but has since come off and is back down retesting the 200-hour moving average. Stay above that 200 hour moving average would be more bullish technically.

Conversely, move below it and its 100-hour moving average at $68.45 would disappoint the buyers.

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