Closes up $0.62 or 1.06%
As OPEC meets and looks to keep production cuts for 9 month citing supply concerns. That’s good and bad (bullish/bearish). Bullish as they will look to maintain production at current levels for an extened time period. Bearish because they have to to sop up supply.
The price up sup $0.62 on the day or 1.06%, but also off the high which extended up to $60.28 (and above the $60 level for the first time since May 23rd).
Technically, the contract is closing back above both the 100 and 200 day MA at $58.81/82. That level will be a barometer for bulls and bear this week. The 50% midpoint of the move down from the April 2019 high comes in at $58.66.