Crude oil settles at $78.02

Crude oil futures are settling at $78.02. That is down -$1.10 or -1.39%. The high price reached $79.35. The low price reached $77.71.

The price is closing below its 100-day moving average for the second time in three days. The moving average comes in at $78.42. The low price today stalled just ahead of the 50% midpoint of the move up from the low in December. That midpoint comes in at $77.66.

The private inventory data will be released at 4:30 PM ET. The EIA inventory data will be released tomorrow morning.

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