The price of WTI crude futures are selling sharply lower. The price closed at $75.33. That is down $2.04 or -2.64%. Since Friday's high at $83.56, the price has fallen -10.29%.
Crude oil is below its 200 day moving average
Technically, the price fell and closed below its 200-day moving average yesterday at $78.13. Today the high price could only get up to $77.49 before rotating back to the downside. The low price for the day reached $74.96. The low today was the the 1st time below the $75 level since July 20.
Sellers remain in control. Some downside catalysts include:
- Global demand concerns taking center stage.
- Shift in focus away from the Israel-Gaza conflict.
- Signs of decelerating global growth.
- Significant increase in US crude stock (11.9 million barrels) based on private data.
- Absence of an official EIA release this week, giving more weight to private inventory figures.
- Supply-related pressure from the Middle East due to discussions about resuming oil flows from Iraq to Turkey.