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May 28, 2023Friday at a glance: West Texas crude ended Thursday at $71.83. Friday it went up to $73.05 only to drop back, yet still managed to close at $72.87 per barrel.
Crude Oil could be slowing down soon as it approaches resistance at $73.4. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, US crude oil slid below its 21 day Simple Moving Average at $71.73 during the last session — an early indicator that a negative trend could be emerging. US crude oil's upper Bollinger Band® is at $74.11, this is a slight indication of a slowdown.
WTI crude oil is likely to reverse course and start pointing downward in the short term.
This rally in US crude oil's price coincides with other Energy as Heating Oil goes up 1.24% Friday and closed at $2.35. Brent Crude Oil goes up 1.21% Friday and closed at $76.26.
At the same time, Natural Gas slumps 2.34% Friday and closed at $2.48.
WTI crude oil hit a significant low of $68.25 around 25 days ago, but has since recovered 5.25%.
