Read this Term futures are settling the day up $1.51 or 1.63% at $91.13. The market continues to digests the 2 million BPD cut last week by OPEC+. The high price reached $93.62. The low price has just extended to a new low for the day at $90.63 in after-hours trading. The high price today took out the high price from last week at $93.13.

Looking at the hourly chart the trailing 100 hour moving average is currently at $88.86 (and moving higher). It would take a move below that MA level to increase the bearish bias.

The price high today moved above a topside channel trendline, but could not sustain the momentum giving the sellers some added confidence.

Sellers are piling in after the settlement.