Up $0.01 or 0.02%
The Crude oil futures area settling at $47.84 /BBL. That is up a single cent (+$0.01). The contract sits between the $45 and $50 area which traders have earmarked as the range now Earlier in the year we were talking $50 to $55.
The high price today reached $48.07, while the low extended to $47.35.
For the week, the high reached $48.22 on Thursday. The low occurred on Tuesday at $45.53. The price settled last Friday at $46.22. So we are up by $1.62 or 3.5%.
Technically, the price moved above the March lows of $47.01-09 on Wednesday and stayed above the rest of the week. The 50% of the move down from the April high comes in at $48.76. The 200 day MA is at $49.11. Those are the key levels to the topside in next weeks trading.
Fundamentally, the inventory data this week showed a bigger than expected draw down and OPEC increased the production cut (or extension of production cut) rhetoric. US rig count continued to move higher however.
