Down -$3.77 or -5.39%
The price of WTI crude oil futures are settling down $3.77 or -5.39% at $66.18. The low price for the day extended all the way to $64.45. That was the lowest level since August 23. The high for the day was at $71.18.
Selling came on the back of expectations of slower growth from omicron virus (and a tighter Fed policy).
Technically, the move took the price below the 38.2% retracement of the move up from the November 2020 low (at $34.95).
The price of crude oil closed 2020 at $48.18. Despite the move lower from the high for the year at $85.39, the price of crude oil is still up nearly 38% from the close at the end of 2020 (things could be worse).
What about at the pump in the US?
The end of year price per gallon was at $2.28. The current average price in the US is $3.39. That represents a 48.6% increase. However, it does seem the recent declines have not worked its way to the pumps. As such, there may be a softening going forward.
