Crude Oil (CL1) Down $0.43 in Last 4 Hours, Started Today Down 1.08%; Price Base in Formation Over Past 90 Days

Crude Oil 4 Hour Price Update

Updated July 01, 2020 11:07 PM GMT (07:07 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 39.27 US dollars, down 1.08% ($0.43) since the previous 4 hours. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 5th since the previous 4 hours in terms of percentage price change.

Crude Oil Daily Price Recap

Crude Oil entered today at $39.27, down 1.08% ($0.43) from yesterday. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Crude Oil.

Crude Oil Technical Analysis

The first thing we should note is that Crude Oil is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days.

Overheard on Twitter

Behold! Here are the top tweets related to Crude Oil:

  • From ChNnadozie:

    The Niger Delta is the goose that lays the golden egg but never benefits from it.Without the Crude Oil from the Niger Delta Nigeria would have been a very poor country like Chad. Yet the idiots in power that are looting the oil money don’t give a damn about the Niger Delta

  • From JitinPrasada:

    In 2009 the crude oil prices were the highest. We made sure the burden should be borne by the govt to cushion the people. Today when crude prices are all time low the govt has not passed on the benefit to the consumer and instead put high taxes on fuel !#SpeakUpAgainstFuelHike

  • From savndaniel:

    The North is the most cheated region in Nigeria. Despite being the owners of crude oil (which is used to service the nation), they have nothing to show for it. Most creeks up North are death traps, owing to oil spill here and there. Northeners can hardly fish nor farm. 👴

In terms of news links for Crude Oil here’s one to try:

Technical Headwinds for Crude Oil

The $41.50/barrel level for oil has been an important area of support over the last five years, testing it several times with the only serious break below coming in late ’15 before recovering a few months later with several tests of support following, showing the level continued to hold significance….As oil recovers, we’re back at this historically important level once again, but this time as potential resistance….Trader PositioningThe last chart for crude oil I want to share is of the COT data for the commodity, specifically the Small Trader and Commercial Trader positions.