The price of crude oil futures is settling at $71.37. That is day $0.87 or -1.20%.
The low price for the day reached $71.01. The high price was at $73.59.
The weekly EIA inventory data showed larger-than-expected builds in crude, gasoline, and distillates. That helped to push the price lower and in doing so, the price fell below its near-converged 100 and 200-hour moving averages near $72.28 (currently). The price low for the day stalled just ahead of the 61.8% retracement of the move up from the December 13 low. That level comes in at $70.95. A move below that level would have traders targeting the swing low from 2024 at $70.16 and $69.28 respectively.
Crude oil back below the 100/200 hour MAs
This article was originally published by Forexlive.com. Read the original article here.