Trades at the highest level since April 13
The price of crude oil futures continue to move higher. The June contract is currently up $3.03 or 14 points 86% at $23.44. The high price reached $23.48. The low price today was at $21.13.
Hopes that the global reopening leads to increased demand for the crude oil complex is helping to propel the price higher.
Earlier today, Pres. Trump tweeted his support:
Looking at the daily chart below, the 61.8% retracement of the move down from the 2020 high to the 2020 low comes in at $25.17. The 50 day moving average is at $25.49. Those are longer-term targets that if broken would be more positive for crude oil. The price last traded above its 50 day moving average back on January 13.