Down -$0.17 or -0.83%
The price of WTI crude oil futures is settling at $20.31
That is down $0.17 or -0.83%.
The high for the day reached $21.11. The low extended to $19.90. The low price from Monday reached $19.27. That took out the low price from March 20 at $19.46. Those levels will be eyed on for the weakness.
There was a run up in the last hour or so after talks of the White House and US oil industry leaders getting together to talk about ways to help the industry with the potential for tariffs on Saudi Arabia oil. However the rally fizzled into the close
Technically, the 100 hour moving average (blue line in the chart above) looms at $21.25 (and moving lower), and may have led to sellers on the late day rally. The price has been able to get above that moving average on a few occasions over the last few weeks, but is not been able to extend above the 200 hour moving average (green line in the chart above) which is currently at $22.66. The last time the price trade above its 200 hour moving average was back on February 24.
It will take a move above both the 100 and 200 hour moving averages to give a technical tilt to the upside. Until then, the sellers remain in full control.
