Down -$0.14 or -0.34%
The price of WTI crude oil futures are settling session at $41.37. That is down $0.14 or -0.34%.
The low for the day reached $40.22 while the high extended to $41.79.
Technically, the price settled below its 50% retracement and 50 day average for the 2nd consecutive day. The 50% retracement of the 2020 range comes in at $42 while the 50 day moving average comes in at $41.59. Prior to yesterday, the contract has not settled below its 50 day moving average since May 14.
Despite the tumble in stocks, the price of crude oil although negative was able to recover most of the declines (up $1.25 from the low). That could be indicative of a stock market that may be too negative today. On the other hand it might be that the stocks are simply just too darn expensive. Him him