Crude oil price settled at $82.22. This represents an increase of $0.12 or 0.14%.
The high price rose to $85.64 shortly after the Israeli strike on Iran. The low price was $81.13.
The highest price of the week reached $86.18. The low price was $81.06. Last week’s closing level was $85.66. So, at current levels, the price is down -3.99% for the week. The highest price for April (and for 2024) reached $87.67 on April 12. This is the highest level since October 23, 2023.
Looking at the daily chart, the patch moved lower this week was able to move back below the 50% midpoint from the 2023 high price. This midpoint stands at $81.37 (see chart below -below). As mentioned, the week’s low price was $81.06 yesterday (and $81.13 today), below the midpoint, but the momentum could not be sustained.
We should go below 50% and stay below to increase the bearish bias of the product and give more confidence to sellers.
In a week that began with Iran’s bombing of Israel and ended with Israel’s bombing of Iran, falling prices “are a result.” However, this 50% midpoint will remain a key barometer for buyers and sellers in the new trading week. Stay above and buyers come in. Move below and the selling will likely increase in intensity.
cnbctv18-forexlive
