WTI crude oil futures are settling at $69.37. That’s up $0.21 or 0.30%. The high-priced theory reached $70.11. The low price extended to $68.71. Earlier in the Asia-Pacific session, prices moved higher following the brief Russian mutiny, but gains were capped as the uprising was quickly quashed.
On the negative side,a plunge in Germany’s Ifo survey for June raised concerns of a recession, casting a shadow over the European morning session (and global growth). Last week the UK raise rates by 50 basis points and the Swiss National Bank raised rates by 25 basis points. In the prior week, the US skipped a change in policy, but the central bank did indicate that they anticipate two additional tightenings before year-end. The ECB raised rates by 25 basis points and signaled a likely additional hike in July
Technically the price of crude oil remains below the 100 and 200 hour moving averages. Both of those moving averages are near $70.40