The price of crude oil isn’t selling at $72.28. That’s down $-1.54 or -2.09%. The low for the day was at $71.79. The high for the day was at $74.52.
The price decline comes despite the stronger-than-expected US jobs report and other reports that Biden has decided on a counterattack plan in retaliation for the killing of US servicemen. In addition, remember the talk of a truce yesterday? Some of those hopes have been dashed.
Crude oil is down sharply but stalled near its 200 week MA
Despite all those reasons, the price of oil remains under pressure in trading today.
For the trading week, the price is down -7.63%. The closing level last week was up at $78.01.
The high price this week reached $79.29, while the low price was reached today at $71.79. Of interest technically on the weekly chart is that the 200-week moving average comes in at $71.77. The low today (and this week) was just below the low price for the day and for the week. That MA will be a key barometer for buyers and sellers in the new trading week ahead (bullish above/bearish below).