After rising to a high price of $79.29, the price of crude oil fell sharply to a low of $76.41. It is settling at $76.78. That’s down $-1.23 or -1.58%.
China’s Evergrande was ordered to liquidate its holdings after failing on interest payments. That was cited as a negative for the price of crude oil. Geopolitically, tensions in the Middle East increased over the weekend after the killing of three US servicemen. Later in the New York session, there were reports of a truce in the Israeli/Palestinian fighting that would include the release of US and Israeli hostages. That seemed to weaken the price of crude oil further. Overall, the sellers won today given both bullish and bearish news.
The 100-hour moving average for crude oil comes in at $76.19. Back on January 24 and again on January 23, the price low on those days bounced off its 100-hour moving average. Be aware. Traders may look toward that level for support.
Crude oil is moving closer to it’s 100 hour moving average