US crude futures settle at $75.33

The price of WTI crude futures are selling sharply lower. The price closed at $75.33. That is down $2.04 or -2.64%. Since Friday’s high at $83.56, the price has fallen -10.29%.

Technically, the price fell and closed below its 200-day moving average yesterday at $78.13. Today the high price could only get up to $77.49 before rotating back to the downside. The low price for the day reached $74.96. The low today was the the 1st time below the $75 level since July 20.

Sellers remain in control. Some downside catalysts include:

  • Global demand concerns taking center stage.
  • Shift in focus away from the Israel-Gaza conflict.
  • Signs of decelerating global growth.
  • Significant increase in US crude stock (11.9 million barrels) based on private data.
  • Absence of an official EIA release this week, giving more weight to private inventory figures.
  • Supply-related pressure from the Middle East due to discussions about resuming oil flows from Iraq to Turkey.

This article was written by Greg Michalowski at Source