Crude oil crumbles on the day. Settles at $68.06, down -4.15%

Falls -$2.95

The price of crude oil crumbled in trading today. The price fell -$2.95 or -4.15%. The high extended to $70.87. The low reached $67.58 before the rebounding into the close.

At the low, the price started to approach the 100 day MA at $67.02. It still had $0.56 to get to the key MA target, but the run was already stretched for the day. Maybe tomorrow.

Catalysts?

• US Treasury Secretary Mnuchin said that some crude importers may receive waivers to continue buying supplies from Iran, despite US sanctions on the country.
• In addition production at Libya's El-Feel was reported to be higher.
• Russia has said that they - and other oil producers - may raise output by 1 million barrels per day if shortages hit the market (that according to Russian energy minister Novak).