The price of WTI crude oil futures settled at $115.07. That’s up $0.98 or 0.86%. Last week the price settled at $110.28. The gain for the week was $4.79 or 4.34% 4.34%.

Looking at the hourly chart below, the price moved back above its 100 and 200 hour moving averages on Wednesday. During trading yesterday, the converge moving averages held support which ultimately led to a break of a swing area between $111.37 and $111.96. The run to the upside today took the price to a high of $115.30. That was just short of the April 18 high price of $115.56.

A move above that level would open the door for further upside momentum in the new trading week.

Crude oil moves up toward the May high at $115.56

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