WTI crude futures are settling the day at $77.58. That's down $2.88 or -3.58%. The high price reached $80.94. The low price extended to $77.47.
Yesterday the price closed above its 100 day moving average for the first time since November 4. However, after extending to a new high going back to January 27, the price rotated back to the downside falling below the 100 day moving average at $79.80 in the process
The run higher in the dollar held by the more hawkish comments from Fed chair Powell was the catalyst for the move to the downside. The inability to stay above the 100 day moving average also contributed to buyers turning to sellers.
