Crude oil futures settle at $62.56 ...Middle East

Looking at the hourly chart, the price on Monday moved back above its 100-hour moving average (the blue line on the chart above), and for most of the trading day, support buyers have been showing up against that moving average line – keeping the buyers in control from a technical perspective.

Going forward, it would take a move back below the 100-hour moving average and 200-hour moving average currently at $61.82, to increase the bearish bias.

This article was written by Greg Michalowski at www.forexlive.com.

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