Crude oil settles at $78.48

The crude oil is settling at $78.48. That is up $0.37 or 0.47%

There has been conflicting reports about a potential cease-fire in Israel. Hamas said they agreed to a Qatari/Egyptian brokered agreement but Israel says that the agreement was to a watered-down version and was not acceptable.

Meanwhile, reports are that Israel will go ahead with plans to bomb Rafah.

Despite the unrest, the price has been in a relatively narrow trading range. The low price average $77.94 more the high price extended to $79.05. The settlement price is toward the middle of that trading range.

Technically, the price today traded above and below its 100-day moving average. The moving average comes in at $78.08. The low price extended below that level but could not sustain downside momentum and is closing back above the level.

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