The price of crude oil settled today at $91.59. That is down $1.22 on the day.
For the week, last Friday the price closed at $92.00. So believe it or not, the price is closing lower on the week after trading as high as $100.50 on the spike high on Russia’s invasion of Ukraine.
Looking at the daily chart, the low for the week was today’s low at $90.09. If you take out the spike higher, the contract has traded between $88.40 and $95.62 since February 3 (17 days). The midpoint of that range is $92.07.
The settled price today is below that level. Since settling for the day, the price is higher and trades right around the midpoint level at $92.07 and also near the closing level from last Friday.
It is hard to believe with all the volatility from the invasion, but the price is back in the middle of the recent range.
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