up $.26 on the day or 0.39%
Crude oil futures are settling the week at $67.59. That is up $.26 or 0.39%.
The high for the day reached $67.88. The low extended to $66.20.
For the week the high reach $69.66. The low reach $65.74.
Four of the five days this week traded above and below the 200 day MA (today at $67.44). Today’s close was just above the MA level. The prior three days closed below the key MA level. Hanging around the MA is indicative of a market that is unsure of the next move.
November 4th is the start of the Iran sanction. Saudi Arabia is likely to be under pressure to keep a lid on the price of oil given the Jamal Khashoggi murder in order to make amends in what was a very questionable diplomatic mistake (sad to say). A slower global economy – should stocks continue to fall – could slow demand and pressure stocks. Inventory data this week showed another strong build of inventories (4th week in a row).