February low price of $43.32 taken out
The price of crude oil futures have traded to a new low going back to December 2018. The low for the day just reached $42.79 after the news from OPEC+ that they have not reached a deal on cuts. That took out the low price from February at $43.32. The current prices back up toward that level. Traders will be watching for momentum back above that level in order to give any buyers a shot.
On the downside the December 2018 low price of $42.36 is also not far away. A break below that level could lead to further stop selling. However, be aware that there is a lot of support just ahead of the $42 level in the crude oil. The $42 to $42.32 area is home to a number of swing lows. It's strong enough to potentially create another bottom. On a break however, there should be stops.
