Crude oil futures are settling at $71.99, that is up $0.52 or 0.73%.
Some influences:
- OPEC+ delayed 180,000 barrels per day of monthly production increases to January.
- US election uncertainty: Vice-President Kamala Harris and former president Donald Trump are neck and neck.
- China’s improving economy supports oil prices.
Technically, the price spent most of the day between a swing area between $71.44 and $72.43. The low price today reached $71.32 just below the low of the swing area, while the high reached $72.64 some $0.20 above the high of the swing area. The price is closing near the middle of the range.
Traders will be looking for a break in either direction followed by momentum.