US crude oil settles and $61.42

Down -$1.71 or -2.71%

The price of WTI crude oil futures settled today at $61.42. The high price extended to $63. The low price reached $61.03.

A larger build and crude oil inventories was a catalyst for the sharp fall. However, the price did not get below the natural support at the $61 level. Below that level sits in the 200 day moving average at $60.50. If the market is to turn more bearish, a move below that MA will be needed.