Down $1.70 or 3.17%.
The price of crude oil futures settlement day with sharp declines, but off intraday lows.
The prices settling at $51.99. That is down $1.70 or -3.17%. The high for the day extended up to $53.64. The low fell to $51.33 before recovering into the close. Looking at the hourly chart below, the price fell below the 100 and 200 hour MAs at $52.90 and $52.79 respectively. Staying below willl keep the sellers more in control.
The next targets on the downside are at the Jan 17 low at $50.98 and the January 14 low at $50.38. The 38.2% of the move up from the December low comes in at $49.70.
Brent crude is settling down $1.71 or 2.77% at $59.93 per barrel.
