Down $-.25 or -0.47% at $53.25
The price of WTI crude oil futures are settling the day at $53.25. That is down $.25 or -0.47%.
The high for the day reached $54.63.
The dollar extended to $52.11.
Technically, the high price tried to retrace back above its 50% retracement of the move up from the December 2018 level at $54.48, but ran out of steam not far from that level and reversed back lower. That level remains a risk area for shorts.
The next downside target comes in at $51.62. That is the 61.8% retracement of the move up from December low. The February 2018 low comes in $51.23.
Saudi Arabia increased its oil production last month by the most this year, largely filling the gap created by tougher U.S. sanctions on Iran. Saudi Arabian Energy Minister Khalid Al-Falih also recommended that OPEC should keep the supply curbs in place for the rest of the year.
