Crude oil futures settle that $71.26 today down $-2.69 or -3.64%.
The price of WTI crude oil futures rebounded modestly after sharp declines today. The current price is at $71.38. That’s down $-2.29 -3.11%. The settle price was at $71.26 today.
Technically, the contract fell below the 100 hour moving average (blue line currently at $72.67) and then the 200 hour moving average (green line currently at $71.85). The breaking of those levels, tilted the bias to the downside and the selling did not abate until reaching the low a day at $70.54. That low was close to the low of the swing area between $70.48 and $71.06.
The rebound off the low over the last four or so trading hours has taken the price higher, but it still remains below the 200 hour moving average is $71.85. Going forward it will take a move back above that level to give buyers some added comfort that the low is in place after the sharp declines today.
With the covid recovery, so did the price of crude oil. Now with the Delta variant raising cases and hospitalizations, the fear is that the impact will be more on the demand (lower demand) versus the supply (or lack of supply).