Crude oil futures are lower by about $-1.22 or -1.94% at $61.80. The low price today has reached $61.69. The high price is at $63.66.
Concerns about the potential for increased supply along with slower growth seems to be weighing on the price.
Crude oil futures are trading lower, down about $1.54 or -2.08% at $61.64. The session low has extended to $61.59, while the high reached $63.66. Concerns over a potential increase in supply, coupled with slowing global growth, are weighing on prices.
From a technical perspective, oil moved back below its 200-hour moving average at $62.56 (green line on the chart) after initially trying to hold that level earlier today. The 38.2% retracement of the move down from the April high, which was broken, comes in at $61.63. With the price now trading below both the 100- and 200-hour moving averages — and slipping under the 38.2% retracement — sellers maintain the stronger hand. Staying below these levels should keep the bearish momentum intact.
This article was written by Greg Michalowski at www.forexlive.com.
