WTI crude oil futures settle down -$1.04 or -1.57%

The price of WTI crude oil futures are settling down 1 $0.04 or -1.57% at $65.05

Crude oil

The high price for the day extended to $67.98. The low price fell to $64.57.

The contract moved higher earlier in the session on the back of weekend tensions in Saudi Arabia. However momentum faded, and the price has been trending lower. Looking at the hourly chart above, the price has corrected to the 38.2% retracement of the move up from last week's low to the high today. That level comes in at $64.67.

A move below that level would look toward the 50% retracement and the highs from February 25 near the $63.65.