Down -$1.80 or -2.64%%
The price of WTI crude oil futures are settling at $66.48 or down -$1.80 or 2.64%
The high price reached $67.97. The low extended to $65.17. At the low, the contract tested the low from July at $65.11.
Technically, the price settles below the 100 day MA at $67.23. That settle is the first close below the MA since November 2020. There were two breaks of the MA line intraday in July, but the price closed just above the MA at that time. Stay below the 100 day MA keeps the sellers more in control. Get below the July low at $65.11 would have traders targeting the May 2021 low at $61.58 and the 38.2% of the move up form the November 2020 low at $60.72.
Covid concerns in China were a catalyst for the declines today.