Down -$2.54 or -4.74%
The price of crude oil futures are settling at $51.09. That is down $2.54 or -4.74%.
The high price for the day reached $53.77, while the low extended to $50.52. That low took the price below the June 12 low at $50.72 and the June 5 low at $50.60. However, when the price could not keep downward momentum going, we started to see an end of day modest rebound.
PS the low from January 14 reached $50.38 before moving higher. So there is good support in the price of crude oil between $50.38 and $50.72.
If a bottom is in place, look for support buyers ahead of those swing lows.
