Crude oil settled at $58.64, down $0.68 or –1.15% on the day. The high for the session reached $59.67, while the low dipped to $58.28.
The market was driven largely by shifting headlines out of Russia. Early optimism over a potential U.S.-brokered peace proposal involving Envoy Witkopf and Jared Kushner helped push prices higher. But intraday gains faded after remarks from President Putin warning Europe of the risk of war, sending crude back lower.
From a technical perspective, price action was choppy as crude traded above and below both the 100-hour and 200-hour moving averages, reflecting uncertainty over directional conviction. The 200-hour MA sits at $58.69, and the 100-hour MA at $58.86. The market ultimately settled below both averages, leaving buyers with more work to do if they are to regain near-term control.
This article was written by Greg Michalowski at investinglive.com.