Crude oil futures settle at $59.91

Crude oil futures are settling at $59.91, up $1.84 or 3.17%.

The low price today reached $57.77. The high reached $60.02. Technically, the price is closing above the 100/200 hour MAs at $58.30 and $59.15. Getting and staying above those MAs gives the buyers some hope with the 38.2% of the move down from the April high at $61.63 as the next target.

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