Crude oil futures are settling the day lower by $1.23 or -1.54% at $78.74. The high-pressure that they reached $80.41. The low price was at $78.56 the price is closing near the low for the day.
Technically, the price remains above it 200-day moving average at $77.78. That will be a key target on the downside that would need to hold support if the buyers are to remain in control. A break below would then have traders targeting the 100-day moving average at $76.72.
OPEC extended the production cuts over the weekend through the end of June (was set to expire at the end of March). Saudi Arabia will maintain their 1 million barrel per day cuts. Russia will reduce production by 471,000, and Iraq will maintain its voluntary cuts by 220,000.