Crude oil futures settles $62.27
Crude oil futures is settling at $62.27. That is down $1.40 or -2.20%.There was a report earlier today that several OPEC+ members want the group to approve another accelerated oil output increase for June at meeting on May 5. The news sent the price to a low for the day at $61.55. That low took the price below the 200 hour MA at $61.95 but the price has moved back above that MA in to the settlement. Staying above is more neutral technically, A move above the higher 100 hour MA at $62.94 would be more bullish. Conversely, a move back below the 200 hour MA would tilt the bias lower. This article was written by Greg Michalowski at www.forexlive.com.
Crude oil futures is settling at $62.27. That is down $1.40 or -2.20%.
There was a report earlier today that several OPEC+ members want the group to approve another accelerated oil output increase for June at meeting on May 5. The news sent the price to a low for the day at $61.55. That low took the price below the 200 hour MA at $61.95 but the price has moved back above that MA in to the settlement.
Staying above is more neutral technically, A move above the higher 100 hour MA at $62.94 would be more bullish. Conversely, a move back below the 200 hour MA would tilt the bias lower. This article was written by Greg Michalowski at www.forexlive.com.
