The price of crude oil futures are settling at $70.38. That is down $-1.27 or -1.77%.
Crude oil settles at $70.38
The high price for the day reached $73.64. The low price was up $70.06.
The low price December reached down to $67.71 on December 13. That was just ahead of another swing target area near $67.15. The low price for 2023 was down at $63.64 (see yellow area on the daily chart above).
Fundamentally, oil prices initially rose due to tensions in the Red Sea including the US destruction of three Houthi ships, Iran’s deployment of a warship, and Maersk suspending sailings after an attack on one of its ships on December 30th.
However, as the US session commenced, oil prices turned around and headed to the downside. Stocks opened and moved lower. IN addition, the S&P global PMI data was not all that great in Europe and the US which may have contributed to the slower growth/lower demand storyline. China’s Xi over the weekend spoke of lower growth as well.