The price of crude oil futures are settling at $61.50. That is up $1.43 or 2.3%. The high price today reached $61 in a seven cents. The low price was at $59.46. For the week, the price is down $0.78 or -1.26%. At session lows however the price was down $-7.13 to a low of $55.15 (lowest level going back to February 2021) before bouncing to the upside. The high for the week reached $63.87.

Looking at the daily chart above, a swing area floor between $60.45 and $63.64 was broken this week on its way to the low price of $55.12. Yesterday, the high price extended to $63.34. That was about $0.30 short of the $63.64 topside target. Going forward, the price will need to get and stay above that level to give the buyers more confidence.