WTI crude oil is settling at $79.73. That’s down $0.35 or -0.44% on the day.
The price low reached reached $75.27 which was $0.08 below the closing level from 2021 at $75.35. The fall lower was helped by a newswire headline that OPEC+ was mulling a 500K production increase at their next December 4 meeting.
Later Bloomberg reported that a Saudi official had denied the rumour and that led to a sharp rebound to the upside. The full decline lower, was retraced back to the upside.
Crude oil bottoms near the close from 2021
With the low today, basically retracing the whole move to the upside, and then bouncing, it could be that the low is in place for now. It also increases the lows importance going forward. We know for sure the $75.27 to $75.35 is a key floor going fprward.
On the daily chart to the topside the falling 100 day MA at $89.52 (and moving lower) is the key technical level on the daily chart to ultimately get to and through if the buyers are to take more control. Ahead of that, watch the $82.10 for trading clues (see red numbered circle on the chart above).