Coronavirus fears continued to push the price lower
Coronavirus fears and concerns that Russia's not ready to cut oil production to neutralize the demand and supply has led to the price of crude oil falling back below the $50 a barrel level. The price is settling at $49.57. That is down $0.75 or -1.48% on the day
- The high price for the day reached $50.49
- The low price for the day extended to $49.42
Looking at the hourly chart below, the price last week corrected on Thursday to the 200 hour moving average and found sellers against the risk defining level. In trading today, the price was able to stay below its 100 hour moving average (blue line). That moving average currently comes in at $50.66. It will take a move back above that 100 hour moving average and then the 200 hour moving average to solicit more buying from a technical perspective.
On the downside, the low price from last week reached $49.31. A move below that level should solicit more probing to the downside for crude oil.