Up $1.61 or 2.29%
The move higher in crude oil futures continued today with a sharp rise to the upside. The September contract settled at $71.91. That’s up $1.61 or 2.29%.
The price is up sharply from Monday/Tueday’s lows which saw the price reached $65.59. The price is now up $6.18 or 9.42% from that low.
Looking at the hourly chart, the futures contract broke above the 200 hour moving average and the 50% retracement of the move down from the July high near the $71.27 level. Stay above that level would the buyers in control going forward.