September contract closes down $0.35 or -0.82%
The price of crude oil futures are settling the day at $42.58. That is down $0.35 or -0.82%. The high for the day reached $42.79 while the low extended to $41.50
For the October contract it settled at $42.82. That’s down $0.29 on the day.
Looking at the daily chart of the October contract, the price moved below its 50% retracement of the 2020 trading range at the $42 level. The high for the day at $42.79 remained below its 200 day moving average of $43.47. The price has not traded above its 200 day moving average since February 20. On the downside, the 50 day moving average currently comes in at $40.85. The contract has not traded below its 50 day moving average since May 15.