Crude oil settles the week at $88.96

Technical Analysis

WTI crude oil) on the day but lower for the week

The price of WTI crude oil settles at $88.96. That was up $2.49 or 2.88% on the day.

For the trading week, the price a week closed on Friday at $92.44. The price is down -3.75% on the week and was the first decline after two weeks of gains of 3.7% and 4.71% over those weeks.

In other news today, the Baker Hughes

  • rig count rose by 9 to a total of 779.
  • The oil rigs increased by 9 to 622.
  • Natural gas was unchanged at 155

Fundamentally, the price of oil was supported by hopes of further easing of Covid restrictions in China.

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