Crude Oil (CL1) Down $0.09 On 4 Hour Chart, 3 Day Up Streak Snapped; in an Uptrend Over Past 30 Days

Crude Oil 4 Hour Price Update

Updated June 24, 2020 03:07 PM GMT (11:07 AM EST)

Crude Oil is down 0.22% ($0.09) since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 3rd since the last 4 hour candle in terms of percentage price change.

Crude Oil Daily Price Recap

The end of a 3 day positive run has come for Crude Oil, which finished the day prior down 0.22% ($0.09). Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 3rd for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of Crude Oil.

Crude Oil Technical Analysis

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. 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. Or to view things another way, note that out of the past 10 days Crude Oil’s price has gone up 6 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

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

  • From jamewils:

    There was a time when UPA-2 was shedding around Rs 1.5 lakh crores per year as oil subsidies to cushion the global crude oil prices, it was not sustainable.We travelled a lot, now Petrol tax is a big revenue generator for Modi regime. They use it to fill the deficit holes!

  • From Vineet04713735:

    When crude oil prices are down by record margins the Modi Government raises taxes on them as if the previous taxes were not enough. When it is the right time to propel demand by reducing the taxes the PM increases the tax as if the people won’t react to this #ModiBabuPetrolBekabu

  • From BhavikaKapoor5:

    Here what you are overlooking because of constant news feeds of clashes with China & Pakistan – Despite crude oil is available at dirt cheap prices, Govt of India increasing prices of Petrol Diesel. In past 10 days Rs 6-7 increase per litre. Looters. 😝- Covid19 updates

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

Crude Oil Theft: Security Operatives Arrest Vessel, 10 Crew Members | Sahara Reporters

They were caught stealing directly from AITEO trunk line in Bille Kingdom, Degema Local Government Area of Rivers State.