Crude oil trades to new session high

Crude oil futures are trading to new session high, up $1.20 or 1.77% at $68.87.

Looking at the hourly chart, the price is moving back toward the falling 100 hour moving average. That level comes in at $69.43. The price fell below that moving average on Friday, August 30, and has trended to the downside since then. The move lower last week came despite OPEC saying that they wouldn’t increase production, and also a large build in the weekly crude oil inventory data.

Concerns about growth weighed on the price. The low price reached $67.17 and then $67.31.

On a move above the 100-hour moving average, the 38.2% retracement of the last move down from the August 26 high comes in at $71.15. That is near a swing area between $71.41 and $71.67.

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