Crude oil trades to its 200 day moving average

The price of crude oil is trading at $77.22 that’s up $2.83 or 3.81%.

The high price reached $77.36. The low price was at $73.65. Crude oil futures settled at $77.14 up $2.76 or 3.71%.

Expectations of a retaliatory strike against Iran is leading to the surge. Today was the first anniversary of the terrorist attack on Israel by the Hamas militants. Last week Iran barraged Israel with nearly 200 missiles. Some think a retaliation against the Iran’s nuclear facilities or oil fields are a possibility.

Technically, the price high got within one cent of its 200-day moving average at $77.37. Moving above would be the first breach since August 15 and should lead to further momentum.

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