US crude oil futures settle at $67.70

The price of WTI crude oil futures is settling at $67.70 today. That is down $-1.67 or -2.41%. The low price reached $67.55. The high price was at $70.15.

Current economic projections lean toward the potential for recessions in the US (and other global economies) and that has traders worried about the demand-side. That view comes despite pretty decent US economic data today from durable goods, consumer confidence, and housing.

On the supply side, BP announced stabilization at its Indiana-based Whiting Refinery, and Shell is expecting to resume normal production at its Norco Louisiana refinery by Thursday.

The private API data is scheduled to report on weekly energy inventory data later today.

Looking at the hourly chart, there is a cluster support between $66.82 and $67.35 (see yellow area on the chart below). Move below that level and it should open the door for further selling momentum.

This article was written by Greg Michalowski at Source