The price of crude oil is settling down -0.37 at $61.20. The price was pressured today helped by a report that OPEC+ members are considering a potential output increase of 411,000 barrels per day (bpd) in July. While this is one of the options on the table, no agreement has been finalized.
Looking at the daily chart, the price remains below the 50% of the move up from the 2021 low at $64.71 and is also below the low of a swing area between $61.92 and $64.71. Staying below that area is more beaish for the commodity.
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