WTI crude oil futures settle at $38.01

Technical Analysis

Author: Greg Michalowski | wti-crude-oil-futures

Down $2.36 or -5.85%

The price of WTI crude oil futures is settling at $38.01. That is down -$2.36 or -5.85%.

Down $2.36 or -5.85%_
The high for the day reached $40.54. The low extended to $37.31.

Driving the price action was the rise in coronavirus cases and a rise in crude oil inventories inventories once again.

Technically, looking at the hourly chart of the August contract the price moved below both its 100 (blue line) and 200 hour moving averages (green line). Those moving averages come in at $39.88 and $38.54 respectively. Stay below would keep the sellers more control in the short term at least.

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