Crude oil settles at $78.26

<p>The WTI crude oil futures are settling at $78.26. That's up $1.09 or 1.41%. The low price reached $76.26. The high price was at $78.49. </p><p>Technically the price moved back above its 200 day moving average at $78.45 intraday after trading below it for the 1st time since July 24 last week. </p><p>The price has now settled below that moving average for 5 consecutive days. It would require moving and staying above the 200-day moving average to give the buyers some hope.</p><p>The rebound in prices today was supported by a shift in risk sentiment during the U.S. session and a need for consolidation following three consecutive weekly losses for oil benchmarks.</p><p>OPEC's latest monthly report also provided some support, as it upgraded the 2023 world oil demand growth forecast by 100,000 barrels per day (BPD) to +2.5 million BPD while maintaining its 2024 forecast at +2.2 million BPD.</p>

This article was written by Greg Michalowski at www.forexlive.com.