Oil prices move lower after present Biden says he woul not support striking an oilfield

Crude price have moved lower after Pres. Biden said that he would think about other alternatives to striking Iranian oil fields. The high price of oil reached $75.53. It is currently trading at $74.22. That’s still up around $0.50 on the day.

Crude oil is now settling the day up $0.67 or 0.91% at $74.38.

For the trading week, the price is up $5.79 or 8.42%. The most recent low was down at $65.29 during the week of September 9. The high this week at $75.53 (reached today) was the highest level since August 30.

Technically, the price today got close to its falling 100 day moving average at $76.11.

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