The price of crude oil settled at $69.46, down -$3.21 or -4.42%. The high reached $73.55. The low extended to $69.02. The 50% of the move up from the low from May 4th came in at $69.19. The price lows for the day also moved below the swing low from mid-June near $69.42, but the price settled just above that level. The price decline could not sustain momentum below that level.
Concerns about China’s growth are weighing on the price, but there are also concerns about the OPEC+ meeting this coming weekend. A comment from a top Saudi official warned short sellers to “watch out”. That may help to slow the fall.
This article was originally published by Forexlive.com. Read the original article here.