Crude oil price dips despite OPEC+ considering supply hike delay

The price of crude oil is trading lower despite rumors that OPEC+ is close to delaying the planned supply hike. That comes after report on Friday that they would bring back barrels in October. The price has dropped from a high on Friday of $76.59. The current price is trading at $69.85

Technically,. The high price from last week reached on Monday extended to $77.60. That was just short of its 200 day moving average (green line on the chart above). Stay below that moving average is more bearish.

The price has also moved back below a lower triangle trendline and also a recent floor near $71.41 (see chart above). The high price today stalled against that old floor giving the sellers the go-ahead to push lower a technical perspective (despite the seemingly hawkish OPEC+ on the clawback of the planned supply hike) . Going forward if the price can stay below $71.41, the bears/sellers remain in firm control.

This article was written by Greg Michalowski at www.forexlive.com.