Crude oil settles at $68.37

The price of crude oil is settling at $68.37. That is up $1.17 or 1.7%.

The high price reached $68.85. The low price was at $67.07.

Looking at the hourly chart, the high price today was able to breach the near-converged 100 and 200-hour moving averages at $68.63. However, the price could not sustain momentum above that level and is settling the day below the key moving averages. It would take a move and close above those moving averages to increase the bullish bias.

Conversely, on the downside the low today stalled near the high of the swing area between $66.31 to $67.10. Buyers leaned there.

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