100 day moving average at $66.17

The price of WTI crude oil futures have moved to a new session low of $66.24. In the process the price has moved closer to its 100 day moving average currently at $66.17.

The price has not traded below its 100 day moving average since November 2020. A break below that level would tilt the technical bias more to the downside.

100 day moving average at $66.17_

So far buyers are leaning against the level although the bounce is modest. The current price is trading around $66.40. Nevertheless, risk focus traders are leaning against the level and support is holding. A break below however could see more momentum selling.

OPEC+ over the weekend reached an agreement to add production starting in August. Also weighing on the price is the Delta variant fears and it's impact on the global economy.