Crude oil futures settle at $72.70

<p>The price of crude oil futures are settling at $72.70. That's up $2.32 or +3.30%.The price high reached $72.90, while the low extended to $69.28. </p><p><a href="https://www.forexlive.com/technical-analysis/crude-oil-continues-its-run-higher-technical-resistance-now-in-play-on-the-rally-20240103/" target="_blank" rel="follow">In an earlier post</a>, the price rise today did take the price of crude oil above the 100-hour moving average at $72.38, but fell short of the 200-hour moving average is $73.36. Those two moving averages will be barometers for more bullish or more bearish. </p><p>A move back below the 100 hour moving average and 50% midpoint of the range since the December 13 low at $71.94 would tilt the bias more to the downside. Conversely, a move above the 200-hour moving average had $73.36, would increase the bullish bias.</p>

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