Tumble -$2.22 or -3.77% on the day
The price of crude oil tumbled today helped by inventory data which was not as bad as expected and continued fears of global slowdown.
The price is settling at $56.59. That is the lowest close since March 8th. The price fell -$2.22 or -3.77% on the day.
Technically, after 3 of the last 4 days traded below the 100 day MA - but could not close below that MA - the contract today is closing below the MA level of $58.34. That increases the bearish bias for traders.
The next target on the downside comes in at $54.48 which is the 50% of the move up from the December 2018 low.
