Crude oil revenues are selling and $73.96 up $0.83 or 1.13%. The settlement price is the highest level since October 11. Cold weather, and Chinese policy support are cited as reasons for the increase today and for the trading week. This week the price has increased by $4.13 or 5.5%.
Looking at the daily chart, the price moved back above its 100-day moving average at $70.68 earlier in the week. The price also moved above the trend line connecting the highs between July 5 and October 8. On the upside, the 200-day moving average remains a target at $75.38. Back on October 8, the price broke above that moving average but was unable to sustain the move and moved back to the lows of the year (the low price was subsequently reached on 18 November at $66.59).
Going forward and into next week, it would be a bullish technical development to get back above that 200-day moving average and stay higher.
