The price of crude oil futures are settling at $54.19. That is down $1.40 or -2.52%. The low for the day reached $53.85, while the high extended to $55.95.
A week ago the price settle at $58.54. For the week, that is a $4.35 decline or a 7.4% decline for the week.
Technically, the price fell below both its 200 day moving average of $57.65 and its 100 day moving average of $57.23. On the downside next target would be the October 31 low at $53.71. Below that and traders will be looking toward the June/August/October lows down between $50.60 and $51.00.