Crude all trades to a new low as it breaks $78. Lowest level since July

Crude oil is breaking to a new session low. The price just traded to $77.53. That’s down $3.29 on the day.

In the process, the prices were falling below its 200-day moving average near $78.14 (see green line in the chart below). The price is trading at the lowest level since July 24.

The EIA is out in the last few minutes saying that the US oil production to rise by 990,000 barrels per day to 12.9 million barrels in 2023. That is lower than the previous estimate of 1.01 million barrels per day.

This article was written by Greg Michalowski at Source