Prices fall 4% on the day
The price of crude oil is settling the day at $67.88, down -$2.83 or -4.0% on the day.
- The high reached $70.88
- The low today extended to $76.01.
- This is the worst day since July 2017
The catalyst is the potential for increased production from OPEC.
For the week:
- The high price reached $72.83.
- The low today t $76.01 was the low
- Last Friday, the price closed at $71.28
- The % change for the week is down -4.77%
Looking at the chart above, the trend line comes in at $65.64. The 100 day MA comes in at $65.07.
The price is down but the move is still corrective of the trend higher. A move below the 100 day MA would start to change the bias a little more to the bearish corrective side.
How does that impact the prices at the pump?
The average gas price as the US heads into the Memorial Day weekend is up to $2.97. That compares to $2.37 a year ago. That is a 25% increase over that time period.
----------------------------------------------------------------------------------------------------
