Commodity Daily News

Spot Crude Oil Flirts with 200-Day Moving Average

Crude Oil prices rebounded yesterday following 2 consecutive days of losses for the commodity. Driving the price higher were reduced risk aversion and gains in equity markets.

Spot Crude Oil prices finished the day at $77, following an opening day price of $76.14. The price reached a high of $78.13 before weaker than expected U.S. housing data influenced traders to reduce their exposure to riskier assets.

Range trading of the commodity has been predominant between the prices of $70-$80. The price of spot Crude Oil has flirted with the resistance level of $78 since last week, unable to breach this mark. This level also coincides with the 200-day moving average line. A breach above this level could propel spot Crude Oil to the next resistance level near $80.