WTI crude oil futures are settling at $67.12. That is down $3.05 or -4.35%.The price low today reached $66.80. The high was at $70.33.
Looking at the 4-hour chart below, the low price today extended below the low from May 31 at $67.03. That was the lowest level since May 4 when the price plunged to $63.64 before snapping back higher. The price did also test the low price from March 24 which bottomed at $66.83 (the lowest $0.03 lower than that March 24 low).
The settle price was just above that May 31 low, and is the lowest settle price going back to March.
WTI crude oil settles at lowest level since March 2023
Fundamentally today:
- Jeff Currie from Goldman Sachs adjusted the December 2023 Brent forecast down to $86/bbl from the initial $95/bbl.
- Reasons cited for this revision were global oversupply of oil and a higher-than-expected Russian oil production.
- Despite pledging to cut production from 10mln BPD to 9mln BPD, Saudi Aramco assured five North Asian customers of their full nominated oil volumes in July.
- Iraq’s Parliament has approved a record 2023 Budget, with a benchmark oil price of $70/bbl and an increase in export expectations to 3.5mln BPD, stirring concerns over fiscal sustainability.
Brent crude oil settled down $2.95 at $71.84