WTI crude oil futures settle at $67.12

WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Termfutures Futures Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as Read this Term are settling at $67.12. That is down $3.05 or -4.35%.The price low today reached $66.80. The high was at $70.33.

Looking at the 4-hour chart below, the low price today extended below the low from May 31 at $67.03. That was the lowest level since May 4 when the price plunged to $63.64 before snapping back higher. The price did also test the low price from March 24 which bottomed at $66.83 (the lowest $0.03 lower than that March 24 low).

The settle price was just above that May 31 low, and is the lowest settle price going back to March.

Fundamentally today:

• Jeff Currie from Goldman Sachs adjusted the December 2023 Brent forecast down to $86/bbl from the initial $95/bbl.
• Reasons cited for this revision were global oversupply of oil and a higher-than-expected Russian oil production.
• Despite pledging to cut production from 10mln BPD to 9mln BPD, Saudi Aramco assured five North Asian customers of their full nominated oil volumes in July.
• Iraq's Parliament has approved a record 2023 Budget, with a benchmark oil price of $70/bbl and an increase in export expectations to 3.5mln BPD, stirring concerns over fiscal sustainability.

Brent crude oil settled down $2.95 at $71.84