Crude oil futures settled at $79.12. This comes out to $0.86 or 1.1%.
Crude oil is trading above and below the 100-day moving average
Today, the high price reached $79.46. The low price was $77.81. The commodity's 100-day moving average is $78.38. The price traded above and below the moving average level for the sixth time in seven trading days (see the blue line on the chart below). On Friday, the price closed below the moving average level but was unable to maintain the momentum at today's lows – and also stopped in front of the 50% retracement – and bounced back to the upside.
The 200-day moving average comes in at $80.01, and that will be an upside target in trading this week amid more upside momentum. This level also corresponds to a 38.2% retracement of the upward move from the December low, making the level even more important in trading this week.
