Crude oil settles at $73.89

Crude oil futures are settling at $73.89. That’s down $-0.33 or -0.44%.

The high price today reached $74.55. The low price reached $72.47.

Looking at the daily chart below, the low price today stalled near the low from November at $72.37. That is a close support level for the pair going forward.

Today Angola announced that it would be leaving OPEC. That helped to weaken the price as they would not need to abide by production. That is not to say that Angola would tip the balance of global production, but if it becomes a trend, that could be more of a problem. Angola accounts for about 2% of OPEC+ production.

This article was written by Greg Michalowski at Source