Technical Analysis

Crude oil futures settle at $51.49/BBL

Down -$1.40 or -2.65%

The price of crude oil futures are settling at $51.49. That is down -$1.40 or -2.65% on the day.

OPEC today, failed to reveal an agreement at their meeting in Vienna. They cancelled its news conference, and instead awaits the Russian delegation set to arrive on Friday.  It has just been reported that OPEC and Non-OPEC is to meet tomorrow at 12 PM in Vienna. 

The high today reached $53.30. The low reached $50.08.  

The DOE reported today that after 10 weeks of builds, there was a bigger than expected drawdown of -7323K vs -2000K expected.   That did not help to move the price higher. 

It is up to OPEC and non-OPEC tomorrow. Will they cut and bottom oil? Or will we see sub $50 levels into the weekend?

Technically, the price trading just below the 200 hour MA and the 100 hour MA at $51.99 and $52.64 respectively.

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