Down -$1.23 or -2.52%

US crude oil futures are settling the day down -$1.23 or -2.52% at $47.55.

The high price extended to $49.16 but has seen a sharp reversal from the highs of $49.16..

Influences in the market today include:

  • Fear of slower Chinese demand. China's oil refining dropped the most in 3 years in July.
  • The dollar strengthened which erodes commodities as a store of value (in general).
  • On the bullish side today, Libya cut output by more than 30% because of security threats.

The high price reached $49.16. The low extended to $47.50.