The price of crude oil is settling at $75.81. That is down $-1.35 or -1.75%.
The high-priced today reached $77.69. The low price was at $75.35. The low was the lowest since June 7. Fundamentally, summer doldrums with weak demand from China is being offset by Middle East violence.
Technically looking at the daily chart, the price remains below eight 200 day moving average at $78.61. It is the seventh consecutive day that the price has closed below that moving average level. It would take a move above that level going forward to tilt the buyers more to the upside.
The price this week will be impacted by the Federal Reserve decision on Wednesday, and US jobs on Friday. The Fed is expected to keep rates unchanged. While the jobs data is expected to show a decline in non-farm payroll jobs to +177K versus versus +206K last month
This article was written by Greg Michalowski at www.forexlive.com.
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