Crude oil settles at $72.94

The price of crude oil settled down -$0.58 on the day at $72.94. The low for the day reached $71.67. The high reached $74.46.

• Crude oil futures settle lower for the third consecutive session.
• Prices settled well above the day’s lows.
• Impact from the global equities selloff eases, causing a brief midsession move into positive territory.

There is increased tension in the Middle East and demand from summer driving in the US still is strong. Nevertheless, the price did reach the lowest level since early February.

Technically, the price did move below an upward-sloping trend line at $74.20. The low today did stall against the swing low going back to February 5th at $71.41.

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