West Texas Intermediate crude futures settled at $75.19. This comes out to $1.78 or 2.42%. The high price reached $75.46. The low price extended to $72.56. Domestically in the United States, oil production in North Dakota is expected to decline by 250,000 to 300,000 barrels per day due to cold weather conditions.
Today’s high price traded above the previous new calendar year high as of January 12 at $75.24. However, buyers fell short of next December’s high target of $75.66 and took turns lower. Going forward, if the price can clear the swing zone between $75.24 and $75.66, and then the swing high from the end of December at $76.18, the doors will open for further upside momentum.
On the downside, it would take a move below the bullish 100 and 200 hourly moving averages near $72.90 to increase the bearish bias.