Crude oil moves to a new session high

The price of WTI crude oil futures have reversed course and then back above its 200 hour moving averageMoving averageA moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking...Read this Term at $72.62. A report saying Russia said its oil output cuts almost hit its pledged goal in April, turned sellers into buyers. The high price is reached $73.50.

The next upside target comes in at the $73.59 level. That is near the 50% midpoint of the range since the April 12 high (see hourly chart above).

Chris

Head Trader & Coach