The price of WTI crude oil settled at $103.01. That was down -$6.32 or -5.78%.
Since settling for the day, the price has continued its run to the downside and currently trades at $101.44. That takes price down -$7.89.
The day was once again volatile with a low price of $99.76 and a high price nearly $10 higher $109.72. The move to the downside comes amid talks between Russia and Ukraine as well as new Covid-19 lockdowns in China. Higher prices may also be influencing consumers demand on the sticker shock from filling up there cars.
Technically the price today fell below its 38.2% retracement of the move up from the December 2021 low. That level comes in at $104.50. Stay below that level keeps the sellers more control. The 50% midpoint of the same move higher cuts across at $96.47 would be the next major target from a technical perspective.
The sharp move higher from the December low, ran away from its 100 and 200 day moving averages (blue and green lines in the chart above). The 100 day moving average is moving higher, but still well lower at $83.95. The 200 day moving average is down at $77.89.
It will be a while before those moving averages catch up to the price (unless there is a huge tumbled to the downside).
