Crude oil futures are settling at $64.98. That is down $0.01 or -0.02% from yesterday’s settlement price of $64.99. The low price today reached $64.06. The high was at $65.16.
Technically intraday, the price traded above and below its 100-day moving average at $64.50. That remains a barometer for both buyers and sellers. Staying above would target $66.36 (50% midpoint), and the 200 day moving average at $66.83.
Fundamentally,
- Trump encouraged Turkey’s Erdogan to stop buying Russian oil .
- EU officials also reportedly told Russia that they are ready to shoot down jets.
- Ukraine’s naval drones attacked Russian oil pumping complex and terminal at Transneft.
- US oil producers reportedly also getting increasingly frustrating with the Trump policies and are threatening to cut back production. No drill, baby drill.
This article was written by Greg Michalowski at investinglive.com.
