OPEC...Oil prices getting too high. Please relax and take it easy
Pres. Trump weighed in on the price of oil and his tweet was enough to send the price tumbling lower. The high price on Friday reached $57.81. That was the highest since November 2018. The high today was lower at $57.53, but the comment sent the price to a low at $55.08 before rebounding a bit into the close.
The final numbers are showing:
- Settle at $55.48
- Down -$1.78 or -3.11%
Technically, the price fell below the 100 and 200 hour MAs at $56.71 and $55.75 respectively. If the price can stay below the 200 hour MA, the sellers remain in firm control.