Down $-1.15 or -1.68%
The price of WTI crude oil futures are settling at $67.29. That’s down $1.15 or -1.68%
The price moved down today in reaction to weaker data in China.
- Industrial production came in at 6.4% YoY versus 7.9% estimate and 8.3% last month.
- The retail sales YoY came in at 8.5% versus 10.9% estimate. Last month the sales came in at 12.1%.
However, the price did get a boost after reports from OPEC+ sources that they were not looking to raise production. That was counter to the White House’s request last week for OPEC to start increasing production in order to avert a global slowdown.
Looking at the hourly chart below, the price tried to trade above its 200 hour moving average on Thursday and Friday of last week (see green line in the chart below). However, the moves higher failed. Today the high prices stalled ahead of both the 100 and 200 hour moving averages at $68.38 and $68.24 respectively. It will take a move back above those moving averages to increase the bullish bias
On the positive side, the low for the day was down at $65.72. So there was a significant bounce off of the lows for the day
Source:https://www.forexlive.com/technical-analysis/!/wti-crude-oil-futures-settle-at-6717-20210816
