Down -$2.30 or -10.26%
The crude oil futures are settling at $20.11. That is down -$2.30 or -10.26%.
The high for the day reached $23.08. The low extended to $19.95.
The weekend news of a 9.7M BPD cut (with other pledges from non OPEC+ members including the US) are just not doing it for traders in crude oil. Rising stocks on the backs of hope for an end to the coronavirus is not helping either. Things are simply ugly in the oil complex.
Technically, there is one hope. That is if the lows from March hold support. The low today reach $19.95. The swing lows from March extended to:
- $20.06 on March 18
- $19.46 on March 20 and
- $19.27 on March 30
If the price can find support buyers in that area there's hope for a rebound. Failure to hold that level is simply more bearish.
