Crude Oil (CL1) Down $0.15 Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 90 Days

Crude Oil 4 Hour Price Update

Updated July 07, 2021 01:52 AM GMT (09:52 PM EST)

The choppiness in the recent four-hour candle price action of Crude Oil continues; to start the current 4 hour candle, it came in at a price of 46.6 US dollars, down 0.32% ($0.15) since the last 4 hour candle. On a relative basis, Crude Oil was the worst performer out of all 6 of the assets in the energy commodity asset class the current 4 hour candle.

Crude Oil Daily Price Recap

Crude Oil closed yesterday down 2.38% ($1.79); this denotes the 2nd straight day it has gone down. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 2nd since yesterday in terms of percentage price change. The daily price chart of Crude Oil below illustrates.

CL1

Crude Oil Technical Analysis

Notably, Crude Oil is now close to its 20 day averages, located at 72.32 respectively, and thus may be at a key juncture along those timeframes. Volatility for Crude Oil has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Crude Oil’s price has gone up 6 of the previous 10 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Crude Oil:

  • From PWesterner:

    @thehill @DonaldJTrumpJr Who controls gas prices in the U.S.?
    What you pay at the pump is determined by the price of crude oil. The price of oil fluctuates based on supply and demand. The demand of oil fluctuates based on many factors and over three quarters of the supply is controlled by OPEC.

  • From hugopien:

    SA petrol price to rise by 27c/litre on Wednesday. Real concern is after averaging $73.5/bbl in June, Brent crude oil now above $77/bbl amid OPEC+ output stalemate. At R14.25/$, ZAR softer than ave. of R13.92/$ in June. If sustained, rand & oil = large petrol price hike in Aug.

  • From EmekaOkoye:

    Dear Nigerians,
    Crude oil has never made Nigeria rich.Crude oil has only enriched some Nigerians to make it look like Nigeria is rich.Go to Rivers, Delta, Akwa Ibom, Bayelsa states and point to a city that looks like a third-tier European city or a first-tier African city.

As for a news story related to Crude Oil getting some buzz:

Goldman sees crude oil output path uncertain as OPEC+ talks cease | Reuters

“While the threat of a new OPEC+ price war is no longer negligible, its negative price impact would be dampened by a global market starting in a 2.5 mb/d deficit and in need of an extra 5 million bpd in production by year-end to avoid critically low inventories,” Goldman added….Oil prices slipped on Tuesday, driven by profit-taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand.