The price of WTI crude oil is settling it $68.04. That is down $2.34 or -3.32%. The low price for the day has reached $67.94. The high price was up $70.53.
Technically, the price high today stalled against its 200 hour moving average currently moving higher at $70.94. Sellers leaned near the moving average level and pushed the price lowered.
Fundamental catalysts include
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Donald Trump’s pro-drilling stance and US election win strained market sentiment.
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A strong US dollar increased oil costs for non-US buyers.
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Supply growth from non-OPEC producers and OPEC+’s production challenges added to investor worries.
This article was written by Greg Michalowski at www.forexlive.com.
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