Down $0.08 or -0.22%
The price of July crude oil futures settle at $36.26. That is down $-0.08 or -0.22%. The low price extended to $34.48. The high price reached $36.99 before rotating lower in the New York session.
The closing level from last Friday was up at $39.55. The high price was on Monday at $40.44. That took the price above the 50% retracement of the move down from the January high to the April low at $40.11. However momentum could not be sustained and the price remained below that 50% midpoint for the rest of the week.
The low price was reached today at the $34.48 level.
Yesterday and today, the price moved back below its 100 day moving average (currently at $36.46 and moving lower). The settle price today is just below that moving average level. Next week traders will continue to use the level as a barometer for the bias for both the buyers and sellers.