Crude oil prices move to the lowest level since June
The price of crude oil fell sharply and traded to the lowest level going back to June 28. The low for the day reached $68.22. The high reached $71.96.
Looking at the daily chart, the price is getting closer to swinging area support going back to the end of May and into June between $66.80 and $67.05. The low price from 2023 comes in at $63.64 (May 4). For the year, the price of crude oil is now down -14.60%. The AAA average gas price is down to $3.13 per gallon which is down from $3.37 a month ago and $3.26 a year ago .
Market focus will now shift to the upcoming weekly private oil inventory data which will be released at 4:30 PM ET. Tomorrow, the EIA inventory data will be released at 10:30 AM, with expectations for crude oil inventories to show a draw of -0.650M barrels. Gasoline stocks are expected to show a build of 1.933M.