Down $.36 or 0.71%
The WTI crude oil futures are selling a day at $50.24. That is down by $.36 or 0.71%. Some reasons for the modest declines:
- Libya productions coming back online and
- Comments from IEA that OPEC cuts may not be enough to lift oil prices
The high for the day reached $50.83. The low extended to $50.12.
Technically, the price high was able to stay below the 200 100 day MA at $50.92 AND the 50% of the move down from the Feb 23rd high. That comes in at $50.97. Stay below that area going forward and the sellers remain in control.
