WTI crude oil futures are settling at $67.12. That is down $3.05 or -4.35%.The price low today reached $66.80. The high was at $70.33.
Looking at the 4-hour chart below, the low price today extended below the low from May 31 at $67.03. That was the lowest level since May 4 when the price plunged to $63.64 before snapping back higher. The price did also test the low price from March 24 which bottomed at $66.83 (the lowest $0.03 lower than that March 24 low).
The settle price was just above that May 31 low, and is the lowest settle price going back to March.
Fundamentally today:
- Jeff Currie from Goldman Sachs adjusted the December 2023 Brent forecast down to $86/bbl from the initial $95/bbl.
- Reasons cited for this revision were global oversupply of oil and a higher-than-expected Russian oil production.
- Despite pledging to cut production from 10mln BPD to 9mln BPD, Saudi Aramco assured five North Asian customers of their full nominated oil volumes in July.
- Iraq’s Parliament has approved a record 2023 Budget, with a benchmark oil price of $70/bbl and an increase in export expectations to 3.5mln BPD, stirring concerns over fiscal sustainability.
Brent crude oil settled down $2.95 at $71.84
This article was originally published by Forexlive.com. Read the original article here.