Down -0.28% on the day
The price of crude is settling at $73.94, down -$0.21 or -0.28%.
The price action was volatile with a low of $72.51. The high reached $74.35.
On the downside, the 100 hour and upward sloping trend line comes in at $72.54 and moving higher (blue line). That level would need to be broken and remain broken, to attract more selling.
Over the weekend, Pres. Trump said he spoke with Saudi Arabia about increasing production by 2M barrels today.
The Saudi's did not agree with those details of the conversation.
Earlier, today production OPEC announced that total production in June rose by a small 30K barrels per day to 31.83M B/D. That was despite a huge increase in production from the Saudi's of 330K B/D in June to 10.3M B/D. That represented the biggest Saudi oil surge in 5 years. Despite that surge, the rise barely put a dent in the OPEC total output.
If the price remains above the 100 hour MA and trend line, expect more rhetoric from the President.
PS. Trump is to visit with Russia's Putin on July 16th. You can bet the deal maker will be asking for Russia to increase production too. Rising gas prices is not all that good for the Trump base.
