All WTI crude oil remained stable at $70.04 during the day and week. The price fell -$0.83 or -1.17%. The lowest price reached $69.93. The high reached $71.78.
Crude oil prices fell by $1.28 or -1.79% in the trading week. This is the fourth consecutive week of declines. From the swing high of the week of April 10th to today’s settlement, the price is down about -16.25% (the week of April 10th reached $83.53).
In this trading year, the price is down about -12.87% (end-of-year level of $80.26).
Looking at the hourly chart, the high for the week reached $73.89 on Wednesday. On Thursday, the price fell below both the 100 and 200 hour moving averages. In today’s trading, the correction high temporarily rose above the 200-hour moving average, but quickly reversed. This low tested a 38.2% retracement of the move up from the May 3 drastic low. That level was just around the $70 level.
Sellers have more control by staying below the 200 hour moving average. A break below the 38.2% retracement will open the door for a rally towards the 50% midpoint of $68.77.