US crude oil futures settled at $73.71

The price of crude oil futures are settling at $73.71. That is up $3.61 or 5.15%. The high price reached $73.92. The low price today reached $70.56.

Looking at the daily chart above, the price is trading at the highest level since September 3, and above the 38.2% retracement of the move down from the July 5 high. That high price extended all the way up to $84.49. The most recent low was on September 9 at $65.29.

Staying above the 38.2% retracement is a best case for the buyers. The next target comes against the 50% and $74.89.

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