The price of WTI crude futures are settling at $77.77. That’s down $0.06 or -0.08%.
The high price today reached $77.88. The low price reached $76.97. At session highs, the price still remains below its 200-day moving average at $78.12. Yesterday the price extended above that moving average briefly, but could not sustain momentum. The moving average remains a key barometer for buyers and sellers. Moving above is more bullish. Staying below is more bearish.
Crude oil remains below its 200 day moving average
Sunday OPEC+ meeting will take place with thoughts that OPEC+ may look to increase production cuts to offset the expected weakness in demand and rising inventories.
Market participants are looking forward to the U.S. weekly energy inventory data, with private data due later today (4:30 PM ET) and official EIA figures expected on Wednesday. The expected inventory changes are looking at an increase of 1.2 million barrels for crude oil, a decrease of 0.2 million barrels for gasoline, and a decrease of 0.8 million barrels for distillates