WTI crude oil futures settle at $22.76 a barrel

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $2.33 or -9.29%

The price of WTI crude oil futures settle at $22.76 a barrel. That was down $2.33 or -9.29%.

The high price for the day reached $28.36. The low price extended to $22.57

The details of the OPEC+ deal were underwhelming and the needed cuts to stop up supply are contingent on hopes that other producers around the world would be willing pony up and do their part (including the US). Mexico was reportedly threatening the OPEC+deal with a last-minute objection which is not helping.

WTI crude oil futures

Technically, the price has moved back below its 200 hour moving average at $23.91. Stay below that level and the bears remain in control. The last few days has seen buyers were leaning against that 200 hour moving average. The break back below is not good for the bulls/dip buyers.
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