Crude oil falls toward its 100 day moving average
Today, as US economic growth figures come in below expectations, crude oil prices continue to decline. Currently trading at $77.19, the price has dropped by $2.05, or 2.59%, with the day's low reaching $77.15. The daily chart reveals that the price is nearing its 100-day moving average of $76.83.
Following the surprise OPEC+ production cut announcement during the weekend of April 1, the price rose above the 100-day moving average, creating a gap between $75.70 and $79. If the downward momentum continues and the price breaks below the 100-day moving average level, the $75.70 mark could become another target (and would fill the gap).
