The price of crude oil has continued its sharp move to the upside. The current price is trading at $88.74. For the trading day versus the settle price from yesterday at $81.01:<\/p>\n
Price change: $88.74 \u2212 $81.01 = +$7.73Percent gain: (7.73 \u00f7 81.01) \u00d7 100 = +9.54%<\/p>\n
The high price extended to $89.62 just short of the $90 level. For the trading week, the price is currently up 32% that’s the largest increase going back to 2020. The price today extended above the high price from April 2024 which reached $87.60. The low for the year was reached on January 7 at $55.76. Trump started his 2nd term in January 2025 when the price was at $76.24. The low price for 2025 reached down to $54.98 in 2025 there were 5 separate lows reached between $54.98 and $55.96.<\/p>\n
Looking at the weekly chart, the next major target would be the 50% midpoint of the move down from the 2022 my price. That level comes in at $92.20.<\/p>\n
Above that, and traders will look toward the 2023 high price near $95.<\/p>\n
If sellers are looking for hope, it comes from the rejection above the topside channel trendline on the shorter-term 5-minute chart (see chart below). The latest spike higher pushed the price briefly above that channel resistance near $89.70, which also coincided with a recent swing high. However, the move could not sustain momentum above that level and quickly rotated back lower.<\/p>\n
As long as the price remains below the $89.70 area, that failed breakout keeps the door open for sellers. The next step for the bearish case would be a move below the lower channel trendline, followed by a break of the 38.2%\u201350% retracement zone of the most recent leg higher between $87.29 and $87.84. A move through that area would signal that sellers are gaining traction and could shift the short-term bias more clearly to the downside. However, the price would need to stay below the rising lower trendline.<\/p>\n","protected":false},"excerpt":{"rendered":"The price of crude oil has continued its sharp move to the upside. The current price is trading…\n","protected":false},"author":2,"featured_media":316417,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-316416","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/316416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=316416"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/316416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/316417"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=316416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=316416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=316416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}