WTI crude oil futures settle at $66.27

Technical Analysis

$0.90 or 1.38%

the price of WTI crude oil futures settle at $66.27. That’s up $0.90 or 1.38%. The high reached $66.43. The low extended to $64.83.

Technically, the price high today  stalled ahead of its high from last week at $66.60. The high price from May reached $66.73 on May 5. Both are targets that if broken, would open the door for further upside momentum.

An interesting development in the futures market is that the Chicago Mercantile exchange will start to trade a micro WTI crude futures on July 12 pending review. The contract will be 1/10 the size of the regular futures contract (100 barrels vs 1000 barrels). The settlement will be in cash meaning buyers and sellers need not worry about being delivered, or having to deliver. 

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