Down -$3.05 or -3.63%
the price of crude oil futures are settling at $80.86. That's down $-3.05 or -3.63%.
The low price for the day reached $80.66. The high price was at $83.08. Helping the run to the downside was a report from Tasnim, that a date has been scheduled for the restart of nuclear talks with Iran. If there is some progress, sanctions against Iranian oil would likely be lifted. In addition, OPEC will be meeting tomorrow. Although the 400K per month output increases are expected to remain in place, the market is keeping an eye out for any surprises.
Technically,, the price decline stalled within a swing area between $80.56 and $80.77 (see yellow area and red numbered circles in the chart below). That area defined lows from Oct 20, October 21, October 27 and October 28. Today, that area also stalled the fall.
However, as I type, the price has just moved to a new low and below the aforementioned swing area. The price has moved down to $80.22. That is just above the 50% midpoint of the move up from the October 7 low.
