Crude oil is settling at $73.82. That is down $-2.03 or -2.68%. The low price today reached the $73.70. The high price extended to $76.95. The big catalyst headline from Al Jezeera that Israel agreed to a cease-fire proposal. After some confusion and denials from Israeli and up-and-down price action, the traders resumed the selling. The price reached the lows into the settlement.
Technically, the price fell below the 50% midpoint of the move down from the 2024 January low at $69.28 to the 2024 hi at $79.38. The level comes in at $74.29. The price settled below that level tilting the bias more to the downside. Staying below keeps those sellers in firm control.
