The final settlement for the month came in at $100.28 for the crude oil front contract. That was down $-7.54 or -6.99%. The low for the day reached $99.66. The high for the day was at $107.80.
For the trading month, the high price reached $130.50 on March 7. The low for the month came in at $95.32 on March 15. From the low, the price quickly shot up to a high of $116.57. That level was near the 61.8% retracement of the move down from the high to the low for the month at $116.38. The midpoint of the once trading range comes in at $112.02.
The month of February closed at $95.72. With the price settling at $100.28, the gain for the month $4.56 for a gain of 4.76%. Although a solid gain, it is still well off the high percentage change which was up 36.3% at the highs.
Needless to say, the main fundamental story behind the price of oil in March was the Ukraine war and the ebbs and flows from that story.
However, there was also the hopes for a nuclear agreement with Iran which sent price lower from time to time (on increased supply potential). That story has still not been resolved.
In China, the lockdowns in Shanghai and other regions helped to send the price lower as well from time to time as demand contraction (from the lockdown) overtook the supply fears from the war.
