US crude oil futures settle at $72.24

<p>The price of crude oil futures are settling at $72.24. That is up $1.47 or 2.08%. The high price reached $72.93. The low price was down at $70.47. Yesterday, the price tumbled -4.12%. The gains today erased some of those declines. </p><p>Looking at the hourly chart above, the price traded above and below its 100 and 200-hour moving averages which are both near each other at $72.50.</p><p>The price action since December 28 has been up and down around the moving averages. The highs are near $74.30. The lows are near the $70 level (see chart below). That is the wide range as traders battle bullish and bearish storylines centered on lower supply from production cuts, and demand slow down from global growth concerns. </p>

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