Crude oil trades near closing levels from yesterday
The WSJ is reporting that the Saudi’s have cut oil output to fully implement the OPEC pledge.
Crude oil futures are trading a $53.29 near the closing level from yesterday.
Crude oil remains between $50 and $55 per barrel. The 50, 100 and 200 hour MA are between $53.03 and $53.51. We trade between those MA levels. Traders may just take clues from the next move. IN favor of the bulls is the floor developed at the $52.12 level in trading on Tuesday and Wednesday. That was the same low area from December 22 (see blue circles). We still need that push above the MA though.