Crude oil moved above a high swing area but came back down.
The price of WTI crude oil futures are settling at $108.26. That’s up $0.45 or 0.42%. The high price reached $111.37 before backing off into the close. The low was at $106.45.
Today OPEC met and decided to increase production by 432,000 barrels as expected. The problem is the members have had trouble reaching that monthly production increase quota. In addition potential oil sanctions against Russia is it could continue to disrupt the supply-side of the equation. Working in favor of the demand-side would be a slower economy as a result of higher rates and disruptive markets.
The price action on the hourly chart has been choppy up and down of late. Since April 28, the price high had been at $109.20. With the low near